2020年CFA考试练习题精选2(含解析).docx

PAGE 1 2020年CFA考试练习题精选2(含解析) 　 　　 1、A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】 A.$4.8 million. B.$5.5 million. C.$5.9 million. 正确答案:A 答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.Section 3.3 2、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】 A.first-stage financing. B.mezzanine financing. C.second-stage financing. 正确答案:A 答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyVenture capital investments provided to initiate commercial manufacturing and sales is considered a form of first-stage financing. 3、The following information is available about a hedge fund:No deposits to the fund or withdrawals from the fund occurred during the year. Management fees arecalculated using end-of-period valuation. Management fees and incentive fees are calculatedindependently. The net-of-fees return of the investor is closest to:【单选题】 A.5.8%. B.7.4%. C.7.8%. 正确答案:A 答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. For that reason, the full fee,based on the full performance, is due.Section 3.3 4、An analyst does research about alternative investments.With respect to alternativeinvestments, a long time horizon and intense investor participation are mostlikely to be required for successful investing in both:【单选题】 A.hedge funds and exchange traded funds. B.venture capital and distressed securities. C.commodities and commodity derivatives. 正确答案:B 答案解析:3个选项中只有风险投资（venture capital）和处于困境中的证券（distre