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单选题 Regarding hedge fund fee calculations, a high-water mark
学科：默认课程
时间：2026-03-05 05:19:29
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题目1单选题
Investing in an existing solar power plant is best categorized as aA. greenfield investment and a social infrastructure assetB. greenfield investment and an economic infrastructure assetC. brownfield investment and an economic infrastructure asset
题目2单选题
Regarding hedge fund fee calculations, a high-water markA. represents the return on gains that are not yet fully realizedB. protects the client from paying twice for the same performanceC. is the rate of return that the general partner must exceed in order to earn a performance fee
题目3单选题
A hedge fund with $98 million of initial capital charges a management fee of 2% and an incentive fee of 20%. The management fee is based on assets under management at year end and the incentive fee is calculated independently from the management fee. The fee structure has a high-water mark provision. The fund value is $112 million at the end of Year 1, $100 million at the end of Year 2, and $116 million at the end of Year 3. The net-of-fees return earned by the fund in Year 3 is closest toA. 11.87%B. 12.33%C. 14.15%
题目4单选题
When evaluating hedge fund positions, internal valuation models are most likely used forA. Level 1 assetsB. Level 2 assetsC. Level 3 assets
题目5单选题
Which of the following investments most likely provides an investor with indirect equity exposure to real estateA. Real estate investment trustsB. Real estate limited partnershipsC. Commercial mortgage-backed securities
题目6单选题
In contrast with an IPO exit, a trade sale exit of a private equity investment most likely hasA. higher transaction costsB. higher levels of confidentialityC. a larger universe of potential buyers
题目7单选题
With regard to commodities, it is most likely true thatA. exposure is most commonly achieved via commodity derivativesB. their returns are based on an income stream such as interest or dividendsC. they are physical products so most investors prefer to trade the actual commodity
题目8单选题
Which of the following reflects the right of limited partners to reclaim part of the general partner's performance feeA. Soft hurdle rateB. Hard hurdle rateC. Clawback provision
题目9单选题
Hedge funds are least likely to have restrictions concerningA. the use of derivativesB. the withdrawal of invested fundsC. the number of investors in the fund
题目10单选题
An analyst gathers the following information about a hedge fund:Beginning-of-year assets under management (AUM)$350 millionManagement fee, based on year-end AUM before fees2%Incentive fee20%Hard hurdle rate5%Annual return before fees10%If the incentive fee is based on returns net of management fees, the incentive fee (in $ millions) isA. 1.96B. 5.46C. 7.00
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