Hard hurdle rate与Soft hurdle rate，是在CFA一级另类投资中，多数考生经常容易混淆的一对概念。考纲的要求为，需要清楚地知道它们是如何计提激励费的，并且要求会计算。
维基百科中对hurdle rate的解释是，基金管理人（GP）取得业绩提成之前，必须达到的最低的收益率。（Hurdle rate：A minimum rate of return(e.g., 8-12%), which must be achieved before the fund manager can receive anycarried interest payments.）一个可能引起我们思考的问题是：在达到或超过约定的最低收益率时，GP是仅对超出门槛收益率的超额部分按约定的比例计提业绩提成，还是对全部的盈利分配业绩提成？
如果仅对超出门槛收益率的超额部分按约定的比例计提业绩提成，则为hard hurdle rate。如果对全部的盈利分配业绩提成，则为soft hurdle rate。在考题中，考生应当注意看清题目表述，采用是哪种方式分配业绩提成。如果没有特殊说明，一般都为hard hurdle rate的情况。
举一个简化的例子，不考虑管理费，期初100W；第一年后管理资产的价值为110W（收益10%）；如果是soft hurdle rate=8%，就先作比较，10%大于8%，OK，可以提激励费了，对110-100，这部分收取激励费。如果是hard hurdle rate=8%（收益超过8%的部分才提），只针对110-108（110-100-100*8%）这部分提激励费。
下用给出两道典型的例题及解析供考生参考。
1.A British hedge fund has avalue of £100 million at the beginning of the year. The fund charges a 2%management fee based on assets under management at the end of the year and a20% incentive fee with a soft hurdle rate of LIBOR + 2.5%. Incentive fees arecalculated net of management fees. If the relevant LIBOR rate is 2.5% and thefund’s value at the end of the year before fees is £120 million, the net returnto investors is closest to:
A. 17.6%.
B. 16.5%.
C. 14.1%.
Answer = C
Management fee = £120.0 × 2.0% = £2.4 million.
Gross value at end of year (given) = £120.0 million.
Gross return = (£120.0 / £100.0) − 1 = 20.0%. The softhurdle rate of 2.5% + 2.5% = 5.0% was exceeded.
Incentive fee = (£120.0 − £100.0 − £2.4) × 20% = £3.52million.
Total fee = £2.40 + £3.52 = £5.92 million.
Net of fee: £120.00 − £5.92 = £114.08 million.
Net return = (£114.08 / £100.00) − 1 =14.1%.
这道题目需要提醒考生注意的是，管理费是基于资产年末的价值。门槛回报率为soft hurdle rate。我们计算一个gross return（费前的收益率），如果超过了soft hurdle rate就计提激励费。此题中，20%大于5%，需要计量激励费，而且激励费为扣除管理费之后的全部盈利。
2.A Canadian hedge fund has a value of C$100 million at thebeginning of the year. The fund charges a 2% management fee based on assetsunder management at the beginning of the year and a 20% incentive fee with a10% hard hurdle rate. Incentive fees are calculated net of management fees. Thevalue at the end of the year before fees is C$112 million. The net return toinvestors is closest to:
A. 10%.
B. 8%.
C. 9%.
Answer = A
Management Fee: C$100.0 × 2.0% = C$2.0 million
Gross value at end of year (given) = C$112.0 million
Incentive fee = [(C$112.0 − C$100.0 − C$2.0 − (C$100.0× 10.0%)] × 20% = C$0
Total fee = C$2.0 million
Net of fee: C$112.0 − C$2.0 = C$110.0 million
Net return = (C$110.0 / C$100.0) − 1 =10.0%
这道题目需要提醒考生注意的是，管理费是基于资产期初的价值。门槛回报率为hard hurdle rate。激励费=期末价值-期初价值-管理费-期初价值*hard hurdle rate。
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