NO.PZ202212270100005106
问题如下：
In which year would the Red Grass Fund’s investment management fee be affected by Summer’s recalculation using the high-water mark?
选项：
A.
2016
B.
2017
C.
2018
解释：
Correct Answer: C
The 2016 fee calculation would not be affected by the high-water mark provision because it is the first year of operation of the fund and the return is positive (no prior losses to be offset). The investment management fee in 2016 is calculated as follows:
Investment management fee = 1.00% + [20% × (8.0% – 1.00%)] = 2.4%.
The 2017 fee calculation would also not be affected by the high-water mark provision because the profit sharing component of the fee is zero as a result of a negative return in that year. The investment management fee is calculated as follows:
Investment management fee = 1.00% + 0.00% = 1.00%.
The 2018 fee would be affected by the high-water mark provision because the sharing fee percentage would now be part of the 2018 gain and will need to offset the prior year losses, and only the remaining gains will generate a fee. The performance-based fee would be based on only the gains in excess of the high-water mark. The actual investment management fee charged (percentage and dollar value) will depend on the specific feature of the calculation, which is beyond the scope of this reading. Note that the correct answer can be identified by observing that 2018 is the only year in which a positive return follows a negative return in the prior year.
有问必答里解释本题选项如下“high-water mark，是指之前给过的业绩奖（sharing），如果后来亏了的话，再没填上loss之前不再发业绩奖。
由于2017年亏损了，所以虽然2018年赚了7%，但是这里面要有一部分拿去补去年的亏损，而这部分是不发业绩奖的，所以2018年的sharing percentage就会被high-water mark所影响。”
如果基于以上理解，那high water mark 与clawback有啥区别呢？
老师之前讲的应该是只有超过前一期high water mark之后才会继续发绩效奖，似乎没提到要补亏损
