A hedge fund has $105mm AUM (assets under management) with a high-water mark clause and performance fees that are paid quarterly. In Q1 the fund is worth 98mm, and in Q2 the fund is worth 108mm. Finally, in Q3, the fund is worth 104mm. Which of the following statements are correct? Select ALL that apply. Review Later The high-water mark is 104mm Q3 The high-water mark is $108mm in Q2 The hedge fund will not charge a performance fee in Q2 The hedge fund will not charge a performance fee in Q3