The 2018 fee would be affected by the high-water mark provision because the sharing fee percentage would now be part of the 2018 gain and will need to offset the prior year losses, and only the remaining gains will generate a fee. The performance-based fee would be based on only the gains in excess of the high-water mark. The actual investment management fee charged (percentage and dollar value) will depend on the specific feature of the calculation, which is beyond the scope of this reading. Note that the correct answer can be identified by observing that 2018 is the only year in which a positive return follows a negative return in the prior year.
请问老师 关于high-water mark 的收费方法，可否请老师举一个例子说明? 这里return 3年分别为 8%，-2%，5%。 第三年应该怎么收费了？需要把第二年的补回来吗？第三年仍然比历史高位8%低，是不是还是算没有positive gain?
如果第三年是9%，是不是只用针对（9-8）=1%收Incentive fee? 那第二年亏的2%还要补偿吗？如何补？
谢谢
