PMS(投资组合管理服务)或AIF(另类投资基金)领域的费用结构可能包括两个主要组成部分——管理费和绩效费。

　　管理费用与基金收取的回报无关，通常是基金资产净值的固定百分比。

　　虽然绩效费可以通过多种方式确定，但它包括有一个期望率或同时有期望率和高水位线。最低回报率是指投资者或基金经理收取绩效费时规定的最低回报率。

　　CERVIN Family Office的创始人兼首席执行官穆尼什·兰德夫(Munish Randev)以一个基金为例解释了这一点，该基金的最高标线是10%，初始投资为100卢比。只有当投资超过110(100+ 10障碍)时才会触发绩效费。在高水位线下，基金在投资超过110之前不能收取下一次绩效费。如果投资价值在第二年下降到80，在第三年交付30%的投资到104，第三年可以不收取绩效费，尽管它已经超过了10%的期望率。这是因为104仍然低于110。因此，高水位线保证了在从损失中恢复时，对相同价值的投资回报不支付费用。

　　

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