J-curve
C2CEFR level
80/100Rarity: very rare
TechnicalRegister
The pattern by which a fund's returns dip early under fees and markdowns before appreciating later.
LPs know the J-curve, but a third year still underwater makes the annual meeting tense.
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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