题目
United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The investor’s net return assuming the performance fee is calculated net of the management fee is closest to:
选项
A.11.58%.
B.12.54%.
C.12.80%.
答案
B
解析
B is correct. The net investor return is 12.54%, calculated as:End of year capital = $250 million × 1.16 = $290 million Management fee = $290 million × 2% = $5.8 million Hurdle amount = 8% of $250 million = $20 million Incentive fee = ($290 - $250 - $20 - $5.8) million × 20% = $2.84 millionTotal fees to United Capital =($5.8$2.84)million = $8.64 millionInvestor net return: ($290 - $250 - $8.64) / $250 = 12.54% ： B是正确的。投资者净回报率为12.54%，计算如下： 期末账户值 = $250 million × 1.16 = $290 million 管理费= $290 million × 2% = $5.8 million 最低要求回报（题目不说明则默认hard hurdle rate）= 8% of $250 million = $20 million; 激励费= ($290 - $250 - $20 - $5.8) million × 20% = $2.84 million 总费用= ($5.8$2.84) million = $8.64 million 投资者净回报率：($290 - $250 - $8.64) / $250 = 12.54%