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20:50 Mar 31, 2004
English to Spanish translations [PRO] Bus/Financial - Finance (general) / Financial
English term or phrase:High watermark
6.3. Performance Fees
The Manager will receive a 15% performance fee calculated quarterly. The performance fee is
subject to a "HIGH WATERMARK", which implies that a performance fee can only be taken on a
quarterly NAV (net asset value), which is higher than any other previous NAV.