经济学人财经 || 资产管理费
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感谢思维导图作者May Li
May Li，我要去追逐心中的太阳，北大临床心理备考中
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Taking toll
资产管理费
英文部分选自经济学人2020018财经版块
Taking toll
资产管理费
Asset-management fees are often scandalous but sometimes it makes sense to pay up
资产管理费常常受人诟病，但有时也有其意义。
A sure way to irritate a private-equity manager is to say the “t” words: two-and-twenty. Their eyes roll: this again. Two-and-twenty (or 2-and-20) is, or used to be, a common fee arrangement for a certain class of asset managers. It comprises a 2% annual fee and 20% of the profits. With a sigh, the manager tells you how it really is. He gets paid a 20% performance fee only if the returns clear a hurdle rate. The typical management fee is in the low to mid ones. And big investors get fee-free stakes in a fund’s portfolio companies (“co-investments”).
想惹恼私募基金经理的话那你大可以提出 “2+20”模式。听到后，他们一定会大翻白眼抱怨：又来！ “2+20”是（或曾是）一些特定类别资产管理公司的常规收费标准。其中承诺资本的2%为管理费，利润分成的20%作为附带权益。长叹一口气后，资管公司会告诉你事实的真相：只有投资回报率超过最低预期回报率部分才能享有20%的业绩分成。常规的管理费用都处于中低水平。大额投资者甚至可以通过“共同投资”的形式，无需支付管理费就可获得基金投资标的公司的股权。
High management fees are avoidable. You can build a diversified portfolio that includes developed- and emerging-market stocks and bonds, plus commodities, using low-cost index or exchange-traded funds. True, it is a bit harder to get cheap access to assets that truly diversify your equity risk or are reliable hedges against inflation. But you could always simply hold more cash.
高额基金管理费（确实）可以规避。你可以通过低成本指数基金或是ETF基金（交易型开放式指数基金）构建一个多元分散化的投资组合，囊括发达国家和新兴市场的股票、债券以及大宗商品。确实，要想花费少就获得那些能够真正分散股票风险或者抵御通胀风险的可靠资产是不太容易的，但尽可能多地持有现金倒总是可以的（指少付点管理费）。
注：
exchange-traded funds：ETF基金，“交易型开放式指数基金”，又称“交易所交易基金”，它可以在交易所进行买卖，又是追踪特定指数的基金，并且可以随时进行申购赎回。
Source: https://www.investopedia.com/terms/e/etf.asp
https://baijiahao.baidu.com/s?id=1652523620808621600&wfr=spider&for=pc
Yet it is quite wrong to insist, as many do, that the only good fee is a low fee. There is a case for paying more for access to a stream of cash flows that is genuinely different from those you already have. The asset manager may not deserve the fee for his efforts. It may just be a pure rent. But sometimes it is best to suck it up. After all, it is returns net of fees that you should care about.
然而，像许多人坚持认为只有低收费才是好的收费标准那般想法，是非常错误的。有种情况是，需要花费更多才能获得现金流的途径，并与已有的完全不同。缴纳的管理费或许并不代表资产管理公司的工作价值，可能只是纯粹的租赁费用，但有时最好还是忍一忍。毕竟，真正应该关心的是扣除管理费后的净回报率有多少。
There has been a long-running shift in assets under management from high-fee, actively managed portfolios into low-fee, “passive” index funds. It is almost quaint these days to pay a hefty fee for stock-picking or for a bespoke bond portfolio. But push down fees in one place and they tend to pop up somewhere else. Capital has also poured into “alternative” assets, including private-equity, venture-capital and hedge funds, which levy the sort of fees that incite a taste for yacht-racing and caviar.
长期以来，资本趋于从高费率、主动型投资组合转向低费率的“被动型”指数基金。如今，为主动选股或定制债券投资组合支付高额费用已比较少见了。但减少了某些方面的费用支出，却转而增加其他方面的支出。大量资本涌入包括私募股权、风险资本和对冲基金在内的“另类”资产，而对其收取的管理费足以勾起管理人对游艇赛和鱼子酱的兴趣。
注：
1. 主动投资和被动投资
Source:https://www.investopedia.com/ask/answers/040315/what-difference-between-passive-and-active-portfolio-management.asp
2. quaint: [kweɪnt] very strange or unusual; odd or even incongruous in character or appearance 奇怪的
eg. It seems quaint that critics once complained that finance was all about untrammelled markets and deregulation.
批评家曾经抱怨金融业务都在围绕着不受制约的市场和违规行为打转，眼下这倒显得奇怪。
3. bespoke [bɪˈspəʊk]
adj. 定做的，定制的
4. pop up
动词词组 If someone or something pops up, they appear in a place or situation unexpectedly. 突然出现
eg. She was startled when Lisa popped up at the door all smiles.
莉萨满面笑容地突然出现在门口时她吃了一惊。
5. 另类资产：alternative assets
6. yacht /jɒt/ 可数名词 A yacht is a large boat with sails or a motor, used for racing or pleasure trips. 赛艇; 游艇
eg. His 36 ft yacht sank suddenly last summer.
他的36英尺游艇去年夏天突然沉没了。
7. caviar /ˈkævɪˌɑː/ 集合名词 Caviar is the salted eggs of a fish called a sturgeon. 鱼子酱
eg. It is like the difference between cod roe and caviar. The bulk of state investments in banks has been in preferred stock, rather than in the purest form of capital, common shares.
如同鳕鱼卵和鱼子酱的不同，在银行中的国家投资大多数以优先股的形式存在，而不是纯资本或普通股的形式。
The appeal for investors is in large part raw returns. The best private-equity or venture-capital funds have paid out jackpots. It is also diversification. For many people’s tastes, private equity is repackaged stockmarket risk, with added leverage. But some alternatives are truly different. If you are up to your teeth in the mature, ripe-for-disruption firms that make up much of leading share indices, it might be a sensible hedge to also get exposure to the would-be disrupters the venture-capitalists are busy grooming.
很大程度上投资者关注的主要是原始回报利润。顶级私募基金或风投基金已让投资人大赚一笔，形式也很多元化。对于许多人来说，私募股权是加杠杆的股票市场风险再包装。但对于某些另类投资来说，是完全不同的。如果你全力以赴于那些主要股指的龙头公司（多处于成熟期、夕阳期），那么增加风险敞口于风投热捧的“独角兽”公司将能起到不错的对冲效果。
注：
1. Jackpots: 头奖，特等奖。
2. Financial exposure （财务风险）is the amount an investor stands to lose in investment should the investment fail.
A common view is that the performance-fee part of charges is fine, but the management-fee part is indefensible. Say you invest $100m in an alternative fund. And, for simplicity’s sake, say “success” means after ten years you double your money and “failure” means you get it back. At 1.5-and-20, you pay $35m in fees if the fund is a success and $15m if it fails. If the structure was, say, 0.5-and-30 it would better align the incentives of the manager with yours. The charge for success would also be $35m; but for failure it would be just $5m. Why don’t funds offer this kind of a fee structure? Actually, some do. But there’s a twist: pension-fund managers are not always keen. Should the fund prove wildly successful, they would have to explain to their trustees why they gave away such a big slice of the upside.
普遍认为，绩效费可以收，但管理费部分是站不住脚的。假设投资人向另类投资基金投资了1亿美元。简单起见，比方说投资“成功”意味着十年后钱翻番，“失败”意味着只能拿回本金。在1.5-20的模式下，如果基金成功，投资人将总共支付3500万美元的费用；若失败，则需支付1500万美元。若是0.5-30的模式，则能使基金公司与投资人意愿更协同——成功了，收取费用仍为3500万美元；但若投资失败，则只需支付500万美元。为什么基金不提供这种收费结构呢？实际上有些基金就是这样做的。但是有一个例外：养老基金经理并不总热衷于此。如果其基金表现优异，养老金基金公司还不得不向其受托人解释为何需要消耗这么多利润。
注：养老目标基金为什么采用FOF形式？
“收费低廉：基金的管理费相对低廉，管理机构赚取的是服务费，而其他资管机构赚取的是利息差。”
https://baijiahao.baidu.com/s?id=1628593399692826514&wfr=spider&for=pc
What really matters, says Dylan Grice of Calderwood Capital Research, is whether you are getting value for the fees. The flagship fund of Renaissance Technologies, a wildly profitable hedge fund, charged 5-and-44, before it was closed to outside investors. The net-of-fee returns were amazing; why complain? This attitude might be applied to other niches: funds that invest in esoteric corners of the credit market, say; or funds that lend to biotech or oil-exploration companies in return for a stream of royalty payments, which they package and sell to investors. These might earn, say, a steady 15% gross and pay investors 10% net. This is attractive, especially if it adds true diversity to your existing portfolio. The fee is the price of entry to a market that is hard for most investors to navigate. Or as Mr Grice puts it: “They know how to do it and you don’t.”
来自考尔德伍德资本研究（Calderwood Capital Research）的狄伦·格莱斯（Dylan Grice）表示：真正值得关注的是，是否从支付的费用中获得了价值。文艺复兴科技公司（Renaissance Technologies）旗下一支收益丰厚的旗舰对冲基金，在其停止对外部投资人开放前，收取的费用标准为5-44。其扣除管理费之后的净回报率仍令人吃惊，那还有什么可抱怨的呢？这种态度在其他“有利可图”的情境下也同样适用；比如说，投资信贷市场上圈内人才懂的基金；又比如，还有一些基金，贷款给生物技术公司或石油勘探公司以换取一系列的特许使用费，再打包出售给投资者。据说，这些基金可能会带来稳定的15%毛利，可给投资人带来10%的净回报。这是非常吸引人的，特别是这些又能实实在在地给现有投资组合增加多样性。该费用是进入某些市场的入门费，多为大部分投资者难以掌控的领域。或者可以用格莱斯的话说：“他们知道怎么做，而你不知道。”
注：
1. Esoteric: confined to and understandable by only an enlightened inner circle;秘传的；限于圈内人的；难懂的；
2. navigate .v
1. 导航；确定（船、飞机、汽车等）的位置和方向
Eg. to navigate by the stars 根据星辰确定航向
2. 航行；航海；横渡
Eg. The river became too narrow and shallow to navigate. 河道变得又窄又浅，无法航行。
3. 找到正确方法（对付困难复杂的情况）
Fees are a drag. The more they take, the less you keep. And it can be galling to stump up for access. Few asset managers will admit that this is what you are paying for. The best venture-capital funds, for instance, claim they are world-class developers of the startups in their care. But in many ways they resemble elite universities. Because the best students turn up at their door, they are able to charge high fees—not so much for the stewardship of these precious assets, but for the accreditation and the social networks they provide. So be it. Some irritations are best ignored.
这些费用是个累赘，基金公司收取的费用越多，投资人拿到的利润越少。为获取渠道而花钱是让人有点难堪的，（但）几乎没有资管公司会承认管理费正是用在这儿。打个比方，最好的风投基金声称其投资了创业公司，自己就是世界顶级的开发助力者。但很多方面，他们和精英大学相似。因为最好的学生（往往是）慕名而来，他们可以直接收取高额的费用——不是出于对这些宝贵资产的管理，而是因为提供了认证和社交网络。就是这样。那么，某些“心里的疙瘩”还是最好忽略掉吧。
注：
1. Galling adj.令人恼怒；使人烦恼；使人感到屈辱
Eg. It was galling to have to apologize to a man she hated. 令人恼火的是得向她憎恶的男人道歉。
2. Stump up 付钱，买单
3. Stewardship n. 管理；组织工作
Eg.The organization certainly prospered under his stewardship. 不可否认，这个组织在他的管理下兴旺了起来。
翻译组：
Chao，牛津大学Dphil，TE爱好者
Jerry, 男，金融专业研究生，经济学人铁粉
Chao，爱读书思考的DPhil Candidate，TE粉丝
Ashley，女，金融硕士，爱宠物 爱英语，爱旅游，经济学人粉丝
Summer（琚儿），女，QE在职，梦想能仗翻译/音乐 /健康走天涯
校对组：
Hannah，女，教书匠，经济学人粉丝
Martina，女，爱电影爱生活，爱金融经济
Emily，食物链底端金融民工，经济学人粉丝
Jessie Lulu, 金融从业者，爱阳光，爱细雨，爱经济学人
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观点|评论|思考
本期感想
Alan，男，金融工程硕士，经济学人粉丝
这篇文章讲的是对冲基金收费问题，一般是2-20的收费标准，先说高费率完全可以避免，自己可以手动搭建一个分散化的组合，又说有些现金流是非常难以获得的，所以某种意义上基金管理费可以看作是一些资产的现金流的租赁费用；然后又说基金管理费一直有下降趋势，而基金管理费率在设置上也不甚合理，1.5-20的设置远远比不上0.5-30的的设置能把基金经理和投资人的利益捆绑在一起，最后得出一个结论：基金管理费率其实是进入基金管理这个市场的价格，而这个市场对于大多数投资者来说难以驾驭。
这他妈不废话吗？
供给是基金经理，需求是投资者，均衡价格不就是费率不就是双方讨价还价的结果吗？有的基金特别能挣钱，比如西蒙斯的文艺复兴的旗舰产品medallion fund到现在年均回报率71.8%，那么5-44这么恐怖的管理费也就都能接受了。你愿意一个基金什么都不敢就收你5%的手续费吗？而且这样还不够，挣的钱的44%都要归他，但是即使这样文艺复兴依旧冠绝全球，而且因为规模太大影响收益率的原因，它的旗舰fund已经关闭了。
有些生存在生死边缘的基金就相对日子比较难过，而且每天要忧愁hurdle rate，不然的话就拿不到后面的20了，第一段其实写得挺真实的，毕竟这个市场上明星经理其实很少，大多数人都平庸（好像任何一个市场都这样？服从大数定理从而服从正太分布？），而身处在基金经理的位子上，又注定压力重重。
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