7. Gross-of-fees performance returns are presented before management and custodial fees but after
all trading expenses. The management fee schedule is as follows: 1.00% on first US$25M; 0.60%
thereafter. Net-of-fees performance returns are calculated by deducting the management fee of
0.25% from the monthly gross composite return.
Anton concludes by describing Long Pond’s real estate valuation practices to Basco:
Long Pond uses fair value to calculate returns on real estate assets, although for periods before 1
January 2011, we used market values. With effect from January 2011, we value real estate holdings
annually and have an external expert value our real estate every 36 months. We calculate income
returns and capital returns separately using geometrically linked time-weighted rates of return and
composite returns by asset-weighting the individual portfolio returns at least quarterly.
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