请教老师Sailboat，-7%比benchmark-10%做的好但是不提超额业绩，是因为前面说的positive only么？

问题如下：

Given the portfolio returns shown in Exhibit 3, Year 2, the investment manager with the lowest total investment management fee is most likely:

选项：

Oakfarm Investments.

Sailboat Asset Management.

TripleCircle Investors.

解释：

Correct Answer: B

Investment fee = Base fee + Performance fee

• Oakmark Investments = 65 bps (Base fee only. Performance fee is not applied because the portfolio return is negative.)

• Sailboat Asset Management = 55 bps (Base fee only. Performance fee is not applied because the portfolio return is negative.)

• TripleCircle Investors = 0.7% + 0.01*(–7% – 0.7%) = 0.7% – 0.077% = 0.623 % = 62.3 bps