6. Alpha Capital Partners was established in January 2020, it does not charge a management fee but does charge a 25% incentive fee which is collected annually & has a high-water mark provision. The fund generated (net of fees) returns of -60% in 2020 & -50% in 2021. Assuming there have been no redemptions or subscriptions, what rate of return does Alpha Capital Partners need to produce in 2022 before it starts charging incentive fees?

   A. 50% B. 110% C. 400% D. 500%