岳同学2020-01-14 10:15:34

請問Reading 36 課後練習題中 "18. Which of the following fee structures most likely decreases the volatility of a portfolio's net returns?" A. Incentive fees only B. Management fees only C. Neither incentive fees nor management fees 解答是 A is correct. Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series. 請問當 Portfolio's returns turn negative 是收不到 incentive fees 的，如何reducing net losses in negative months?