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请问 case 4 question 5 看分母买英镑用ask. case 1 question 3 给dealer bid side看bid?. 两个用的price不一样,是否是因为 case 4 非dealer操作,case1 是dealer 操作?
已回答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?
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