用同学2022-11-14 19:04:59
用同学performance fee
回答（1）
开开2022-11-18 16:31:05
开开同学你好，表格中说applied to positive returns only指的是只有但组合的收益率是正的情况下，才需要算performance fee。如果组合收益率是负的，即使表现比基准好，也不能算业绩提成。
第二个问题似乎不完整，请同学补全
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老师，您看，这是官网题
GHK：Higher of base or base plus sharing of positive performance. Sharing based on active return.
自身的return是-8%，但是计算carry ： –8 – (–14) = +6.0，和问题1就不一样。所以有点晕。
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问题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不一样吗？active share 应该上升啊。
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GHK这里就是没说这个费率结构指apply to positive returns only。所以即使收益是负的，但active return是正的也可以。
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问题2：H是买了7只原来基金没有持仓的股票。但没说这7只benchmark中有没有。万一这7只本来benchmark中有，fund中没有。那么买这7只股票可能反而是降低active share的。
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问题2:
哦，是的,谢谢老师。
H是买了7只原来FOUND没有持仓的股票。我没看懂题，我看成是买了Benchmark里面没有的7支股票。
那我追问一下，如果买了7只benchmark中有没有。那应该是和benchmark不一样，增加了active share的。对吧？
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嗯，那是的。
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