{"id":37207,"date":"2021-11-08T05:50:53","date_gmt":"2021-11-08T05:50:53","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=37207"},"modified":"2026-10-11T15:54:59","modified_gmt":"2026-10-11T15:54:59","slug":"returns-of-alternative-investments","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/alternative-investments\/returns-of-alternative-investments\/","title":{"rendered":"Returns of Alternative Investments"},"content":{"rendered":"\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/nIfgMic9cdM?si=BjbY_atwgSpRAP7X\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p class=\"wp-block-paragraph\">Hedge fund fees are often split into two categories: management and incentive fees. A &#8220;2 and 20&#8221; fee structure, for example, charges a customer 2% of the funds under management as an annual fee and keeps 20% of the fund&#8217;s annual profits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Example: Hedge Fund Fees<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s now use an example to illustrate this concept.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ABC Hedge Fund has $100M in assets under management at the start of period 1.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The fund grows to $120 million at the end of period 1.<\/li>\n\n\n\n<li>At the end of period 2, the fund\u2019s value falls to $90M.<\/li>\n\n\n\n<li>Period 3 final valuation for the fund\u2019s assets is $140M.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If incentive fees are not calculated based on net management fee, calculate the return to investors at the end of each period given a \u201c2 and 20\u201d fee structure with a high-water mark provision for incentive fees.<\/p>\n\n\n\n<div style=\"margin: 18px 0;\">\n  <a style=\"display: block; text-align: center; padding: 14px 18px; border: 2px solid #2F5BFF; border-radius: 9999px; color: #ffffff; font-weight: 600; font-size: 16px; text-decoration: none; background-color: #1a73e8;\"\n     href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\">\n     Master CFA Level I alternative investment returns with a Free Trial.\n  <\/a>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Period 1<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Fund growth = $120M &#8211; $100M = <strong>$20M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management fee = 2% of assets under management \u00d7 $120M = <strong>$2.4M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Incentive fee = 20% of growth in fund value = $20M \u00d7 20% = <strong>$4M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total fees for period 1 = $2.4M + $4M = <strong>$6.4M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Return to investors = ($20M &#8211; $6.4M)\/$100M = 13.6%<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Period 2<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Fund growth = $90M &#8211; $120M = &#8211;<strong>$30M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management fee = 2% of assets under management \u00d7 $90M = <strong>$1.8M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No incentive fee will be taken since the fund has not reached the high-water mark of $120M.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total fees for period 2 = <strong>$1.8M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Return to investors = (-$30M &#8211; $1.8M)\/$120M = -26.5%<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Period 3<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Fund growth = $140M &#8211; $90M = <strong>$50M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management fee in period 3 = 2% of assets under management \u00d7 $140M = <strong>$2.8M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management fee = 2% of assets under management \u00d7 $140M = <strong>$2.8M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Growth over the high-water mark = $140M &#8211; $120M = <strong>$20M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Incentive fee = 20% of growth above high-water mark = $20M \u00d7 20% = <strong>$4M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total fees for period 3 = $2.8M + $4M = <strong>$6.8M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Return to investors = ($50M &#8211; $6.8M)\/$90M = 48%<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Total for the 3 Periods<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">In this example, we can see that the fund has grown during these 3 periods by:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">($140M -$100M)\/$100M = 40%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What we don&#8217;t see, which is typical of hedge funds, is that management has taken out returns:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$2.4M + $4M + $1.8M + $2.8M + $4M = $15M in compensation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same investment in an ETF with low (let&#8217;s say zero, for the sake of this example) management fees would&#8217;ve posted the returns illustrated below&nbsp; for the investor:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">($140M + $15M &#8211; $100M)\/$100M = 55%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We can see that management fees, even with high-water marks, have a strong impact on returns. In counterpart, the strategies used by hedge funds are often more commission-intensive than typical buy-and-hold strategies. Although these investment vehicles offer great diversification, they can also be very costly to non-savvy investors. As a result, some studies have shown that hedge funds underperform the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Incentive Fees Net of Management Fee<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Note that the incentive fee could also have been calculated based on the net of the management fee. This would have created an extra step in which we would have deducted the management fee before calculating the 20% incentive fee (as highlighted in italic in the following example). For example, in period 1:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund growth = $120M &#8211; $100M = <strong>$20M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management fee = 2% of assets under management \u00d7 $120M = <strong>$2.4M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Incentive fee = 20% of growth in fund value minus management fee = ($20M &#8211; $2.4M) \u00d7 20% = <strong>$3.52M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total fees for period 1 = $2.4M + $3.52M = <strong>$5.92M<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Return to investors = ($20M &#8211; $5.92M)\/$100M = 14.08%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This would have increased the investor&#8217;s return.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading has-text-align-left\"><strong>Question<\/strong><\/h2>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Assume that XYZ Hedge Fund has \u20ac150M in assets under management at the start of period 1. The fund grows to \u20ac200 million at the end of period 1. If incentive fees are not calculated based on net management fee, the return to investors at the end of period 1 given a \u201c2 and 20\u201d fee structure is <em>closest<\/em> to:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>20%.<\/li>\n\n\n\n<li>24%.<\/li>\n\n\n\n<li>25%.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-left\"><strong>Solution<\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">The correct answer is <strong>B<\/strong>.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Fund growth = \u20ac200M &#8211; \u20ac150M = <strong>\u20ac50M<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Management fee = 2% of assets under management \u00d7 \u20ac200M =<strong> \u20ac4M<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Incentive fee = 20% of growth in fund value = \u20ac50M \u00d7 20% = <strong>\u20ac10M<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Total fees for period 1 = \u20ac4M + \u20ac10M = <strong>\u20ac14M<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Return to investors = (\u20ac50M &#8211; \u20ac14M)\/\u20ac150M = <strong>24%<\/strong><\/p>\n<\/blockquote>\n\n\n\n<div style=\"text-align: center; margin: 30px 0;\">\n  <a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\"\n     href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\">\n     Start Free Trial \u2192\n  <\/a>\n\n  <p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">\n    Strengthen your understanding of alternative investment returns, performance drivers, and risk characteristics in CFA Level I with study notes, practice questions, and mock exams.\n  <\/p>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hedge fund fees are often split into two categories: management and incentive fees. A &#8220;2 and 20&#8221; fee structure, for example, charges a customer 2% of the funds under management as an annual fee and keeps 20% of the fund&#8217;s&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-37207","post","type-post","status-publish","format-standard","hentry","category-alternative-investments","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Returns of Alternative Investments | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn how alternative investment returns are measured, including fee structures, performance, and key return characteristics for CFA Level 1 exam preparation.\" \/>\n<meta name=\"robots\" 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