in Q80 from Mock, in the answer is says “The incentive fee is based on the performance relative to the previous high-water mark after fees.” the previous value was 107.8. whey the used the first year after fees in the calculation!!
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Previous value is definetely 107.8 , but the previous high water mark is 113.6
Thanks alot bhawishhh, i was thinking that might be the reason. thanks for confirming.