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%.
高水位，第一年应该已经对12%收取过业绩报酬了，为什么第三年要从23-4算业绩呢，不是应该也把12减去嘛
