high-water mark
B1CEFR level
45/100Rarity: uncommon
TechnicalRegister
The peak value a fund must exceed before a manager can charge performance fees again.
After two down years, the fund sat well below its high-water mark and earned no incentive fee.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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