NO.PZ202212270100005104
问题如下：
Based on Exhibit 1 and Exhibit 2, the Red Grass Fund’s 2017 investment management fee is:
选项：
A.0.40%.
1.00%.
2.60%.
解释：
Correct Answer: B
Red Grass Fund’s fee schedule states that the fee will be the higher of either (1) the base fee or (2) the base fee plus the sharing of the positive performance. The 2017 return was negative and only the base fee should be applied.
请问这里的positive performance是否指 portfolio return的绝对数值，而不是相对于benchmark 的表现？
虽然benchmark跌了10%，它只跌了2%，比benchmark好，但是由于就绝对数值来看，属于 negative performance, 所以只有 base fee? 这样理解对吗？
问题中的 management fee 是指包括 base 和 incentive 的全部费用，对吗？而不是仅指 base fee
