In Q. No. 3 They have compared AUM net of management fee to high watermark, whereas in Q.4 they compare high watermark to the actual AUM before any fee deductions because in Q. No. 3 states incentive fee should be calculated net of management fee where as Q. No. 4 does not mention the same.
In Q. No. 3 They have compared AUM net of management fee to high watermark, whereas in Q.4 they compare high watermark to the actual AUM before any fee deductions because in Q. No. 3 states incentive fee should be calculated net of management fee where as Q. No. 4 does not mention the same.
High Water Mark
In Q. No. 3 They have compared AUM net of management fee to high watermark, whereas in Q.4 they compare high watermark to the actual AUM before any fee deductions because in Q. No. 3 states incentive fee should be calculated net of management fee where as Q. No. 4 does not mention the same.
In Q. No. 3 They have compared AUM net of management fee to high watermark, whereas in Q.4 they compare high watermark to the actual AUM before any fee deductions because in Q. No. 3 states incentive fee should be calculated net of management fee where as Q. No. 4 does not mention the same.
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