用同學(xué)
2022-11-14 19:04performance fee
問(wèn)題1（圖1、圖2）：performance fee 1、算carry 時(shí)，應(yīng)該是（-7%-（-10%））x10%吧？excess return 已經(jīng)為正了啊，beat 了benchmark ，不算carry 嗎？ 2、答案說(shuō)，因?yàn)?7%是負(fù)的，所以就整個(gè)不算perfomance fee。 請(qǐng)教一下到底怎么算？ 問(wèn)題2： active share Hartswood manages several other funds, one of which invests in U.K. large-cap stocks and is benchmarked against the FTSE 10
所屬：CFA Level III > Trading, Performance Evaluation, and Manager Selection 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
開(kāi)開(kāi)助教
2022-11-18 16:31
該回答已被題主采納
同學(xué)你好，表格中說(shuō)applied to positive returns only指的是只有但組合的收益率是正的情況下，才需要算performance fee。如果組合收益率是負(fù)的，即使表現(xiàn)比基準(zhǔn)好，也不能算業(yè)績(jī)提成。
第二個(gè)問(wèn)題似乎不完整，請(qǐng)同學(xué)補(bǔ)全
【點(diǎn)贊】喲~。加油，祝你順利通過(guò)考試~
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追問(wèn)
老師，您看，這是官網(wǎng)題
GHK：Higher of base or base plus sharing of positive?performance. Sharing based on?active return.
自身的return是-8%，但是計(jì)算carry ： –8 – (–14) = +6.0，和問(wèn)題1就不一樣。所以有點(diǎn)暈。 -
追問(wèn)
問(wèn)題2：Hartswood manages several other funds, one of which invests in U.K. large-cap stocks and isbenchmarked against the FTSE 100 Index. Following a recent large inflow of capital from new investors in the fund, Hartswood purchased stocks in seven companies that were not already held by the fund.
Regarding Hartswood's recent purchase of stocks for the U.K. large-cap stock fund,
determine the likely impact of this event on the fund's active share.
(1 minute)
A) The active share will increase.
B) The active share will decrease.
C)The direction of change of the active share cannot be determined from the information given
答案是C。
但是“ purchased stocks in seven companies that were not already held by the fund.”不是和benchmark不一樣嗎？active share 應(yīng)該上升啊。 -
追答
GHK這里就是沒(méi)說(shuō)這個(gè)費(fèi)率結(jié)構(gòu)指apply to positive returns only。所以即使收益是負(fù)的，但active return是正的也可以。
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追答
問(wèn)題2：H是買了7只原來(lái)基金沒(méi)有持倉(cāng)的股票。但沒(méi)說(shuō)這7只benchmark中有沒(méi)有。萬(wàn)一這7只本來(lái)benchmark中有，fund中沒(méi)有。那么買這7只股票可能反而是降低active share的。
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追問(wèn)
問(wèn)題2:
哦，是的,謝謝老師。
H是買了7只原來(lái)FOUND沒(méi)有持倉(cāng)的股票。我沒(méi)看懂題，我看成是買了Benchmark里面沒(méi)有的7支股票。
那我追問(wèn)一下，如果買了7只benchmark中有沒(méi)有。那應(yīng)該是和benchmark不一樣，增加了active share的。對(duì)吧？ -
追答
嗯，那是的。
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