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A high-water mark is a limiting factor of hedge fund manager compensation. This means that managers can't charge incentive fees __________. Multiple Choice when a

A high-water mark is a limiting factor of hedge fund manager compensation. This means that managers can't charge incentive fees __________. Multiple Choice

when a fund falls and does not recover to its previous high value

when a fund falls by 10% or more

None of the choices are correct. (Managers can always charge incentive fees.)

when a fund stays flat

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