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performance fee
A performance fee is a fee that a client account or an investment fund may be charged by the investment manager that manages its assets. A performance fee may be calculated many ways. With respect to a separate account, it often based on the change in net realized and unrealized gains, although in some cases, it can be based on other measures, such as net income generated.〔Lemke and Lins, ''Regulation of Investment Advisers'', §2:10 (Thomson West, 2013 ed.)〕 With respect to hedge funds and other investment funds, it is generally calculated by reference to the increase in the clientfund's net asset value (or "NAV"), which represents the value of the fund's investments. Performance fees are widely used by the investment managers of hedge funds, which typically charge a performance fee of 20% of the increase in the NAV of the fund in addition to the base management fee.〔Lemke, Lins, Hoenig and Rube, ''Hedge Funds and Other Private Funds: Regulation and Compliance'', §§3:30 - 3:33 (Thomson West, 2013-2014 ed.).〕
In the United States, performance fees charged by registered investment advisers are subject to certain requirements under the Investment Advisers Act of 1940.〔Lemke and Lins, ''Regulation of Investment Advisers'', §§2:15 - 2:18 (Thomson West, 2013 ed.).〕 In addition, performance fees may be charged to registered investment companies only under certain conditions.〔Lemke, Lins and Smith, ''Regulation of Investment Companies'', §7.11() (Matthew Bender, 2013 ed.).〕 Finally, performance fees charged to pension plans governed by ERISA must also meet certain requirements.〔Lemke and Lins, ''ERISA for Money Managers'', §§2:92 - 2:96 (Thomson West, 2013 ed.).〕
==Worked example==
An example might be as follows:
An investor subscribes for shares worth $1,000,000 in a hedge fund. Over the next year the NAV of the fund increases by 10%, making the investor's shares worth $1,100,000. Of the $100,000 increase, 20% (i.e. $20,000) will be paid to the investment manager, thereby reducing the NAV of the fund by that amount and leaving the investor with shares worth $1,080,000, giving a return of 8% before deduction of any other fees.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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