What will be the answer of all three questions?
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Answer is option C
When you calculate incentive fees then you have to see that previous high water mark is 113.6 rather than 107.8
May you elaborate on the 3rd line of the paragraph and about high watermark? Why we did not take 120m as the high watermark?
We always take high watermark after deducting the fees
High watermark is keep in place to avoid paying manager twice incentive fees for the same return