NO.PZ2020011901000048
问题如下：
What are (a) hurdle rates, (b) high-water marks, and (c) clawbacks in the contract between hedge funds and investors?
选项：
解释：
A hurdle rate is the return that must be exceeded for an incentive fee to apply. A high-water mark is a loss that must be recouped before incentive fees apply. A clawback clause is a clause allowing investors to apply previously paid incentive fees to losses.
clawback麻烦老师讲一下，谢谢
