NO.PZ202206140600000304
问题如下：
Using Exhibits 1 and 2 and incorporating the high-water mark feature, the fee for Fund ABC in Year 3 is closest to:选项：
A.4.15%. B.4.40%. C.4.55%.解释：
Solution
A is correct. The high-water mark feature requires the analyst to recover ABC’s 4% loss in Year 2, thus reducing the Year 3 return from 23% to 19%, and the total fee of 4.15% is calculated as follows:
B is incorrect. The error is omitting the deduction of the base fee from the adjusted high-water mark performance of 19%.
C is incorrect. The error is in not adjusting the return for the high-water mark from 23% to 19%.
看了上面那个回答完全没看懂，不太理解什么是12掉到4变成8？不是-4吗。然后recover的话，要cover过之前的12呀，也就是说要用2.5%+10%*（23%-12%-2.5%）？
