NO.PZ2019012201000005
问题如下：
TMT fund charges a fee represent 10% of any capital appreciation in a portfolio that exceeds stated annual absolute return threshold of 8% and it uses high-water marks. The fee charged by TMT Fund is best described as a:
选项：
A. marketing
and distribution cost.
B. performance
fee.
C. administrative
fee.
解释：
B is correct.
考点：Cost in an equity portfolio
解析：performance fee是一种为了激励基金经理实现或超越既定收益目标后的奖励，对基金经理和投资者都是有利的。由于该费用的计算基于high water marks高水位，即只针对超过前期收益高点的部分发绩效奖，目的是为了防止基金经理在获得相同的业绩时可以获得两次或多次激励。根据题意,TMT投资基金的performance fee等于收益率超过8%门槛值时的基金资本增值的10%。
performance fee 是否是 management fee？
