为什么不是hidden lake

NO.PZ2021102801000016问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 请问下老师，如果是考试的话，这道题应该回答到哪些点可以得分呢？答案里还举了个例子

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 题目哪里说明了呢

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 从哪看出？这俩不都是对称的么

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 从哪里看得出来hien基金没有上下限，是对称的。SHARING那里不是写了，BEYONBASE FEE么，所以我理解要收SHAREING是必须大于BASE FEE的，所以HIEN基金也没办法扣除负的收益，也不是对称的啊。