...理人是有价值的，同时另一方面也侵蚀了一部分投资者的利益，与激励性薪酬相伴随的“高水位线条款”（High Water Mark Provision）在一定程度上也限制了激励性薪酬的价值。Edwin J.
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high water mark provision
高水位线规定
以上为机器翻译结果，长、整句建议使用 人工翻译 。
Unfortunately, the high-water mark provision has created a flight syndrome among hedge operators.
FORBES: The $500 Billion Hedge Fund Fever
The "high-water mark" provision works this way: If the manager gets an incentive fee for taking the fund up X%, he doesn't get additional incentive fees until the fund tops a cumulative X% return.
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