问一道题：NO.PZ2018062021000016 [ CFA I ]

NO.PZ2018062021000016问题如下 One hee fun values $160 million yebeginning, anit apts “2 an20” fee structure. Management fee is baseon yeenassets value. Incentive fee is calculatenet of management fee using a 10% soft hure rate, anprevious high-water mark is $198 million. If the assets appreciate 25% in the next year, what’s the totfee amount receiveA.$4.0 million.B.$4.4 million.C.$8.0 million.A is correct.年底AUM=年初AUM*（1+增长率）=$160 million × 1.25 = $200 million所以，管理费=$200 million × 2% = $4 million，因此扣除完管理费的年底净值=$200 million – $4 million = $196 million由于没有达到高水位的要求，所以不能领取绩效奖，GP只能拿到管理费部分，所以总费用就是$4 million。请问 incentive fee net of management fee， 意思是不管管理费的2%，直接按总额乘以20%？

NO.PZ2018062021000016 所以高水位是和扣除管理费之后作对比？

请问，如果减掉管理费之后仍超过高水位，计算incentive fees 该如何安排高水位和soft hure rate 呢？

门槛收益率需要考虑扣除管理费的净收益率吗，还是就参考整体回报率就能判断？