李同学2019-05-27 16:47:34

A hedge fund started with an initial investment of €75 million. The end-of-year value after fees for Year 1 was €70 million. For Year 2, the end-of-year value before fees is €90 million. The fund has a 2 and 20 fee structure. Management fees are paid independently of incentive fees and are calculated on end-of-year values. Incentive fees are calculated using a high water mark and a soft hurdle rate of 2%. Total fees paid for Year 2 are: A €4.4 million. B €5.8 million. C €4.8 million. 麻烦解释下，1.什么是high water mark，2. 针对这个题目，为什么不是IF=（90-75-MF）*20%，因为题目只是说MF是单独计算，为什么incentive fee的计算也是单独计算，3. 如果题目变形成为计算return，这种跨度2年起的return%应该如何计算呢？