高水位线条款(high water marks)是以美国为代表的西方私募资产管理业，特别是对冲基金业管理费设计的一个关键技术条款。高水位线指的是投资账户或投资基金净值达到的最高水平。 HWM条款规定不得重复提取业绩报酬，下一期的收益必须在弥补了上一期的亏损，并且使得基金净值达到历史最高水平之后，基金经理才可以从超过历史最高水平的资产增值中提取业绩报酬，充分体现了管理费制度对基金经理的激励约束和对投资者的保护功能。

其英文释义如下：

A high-water mark is the highest peak in value that an investment fund or account has reached. This term is often used in the context of fund manager compensation, which is performance-based. The high-water mark ensures the manager does not get paid large sums for poor performance. If the manager loses money over a period, he must get the fund above the high-water mark before receiving a performance bonus from the assets under management (AUM).

比如说，在对冲基金的实际运作中，基于高水位线条款，投资经理的业绩可能会在每个季度、每半年或每年支付一次。以每年支付一次业绩报酬为例。若投资者投资200万美元，第一年末收益率为20%，资产变为240万美元，如果业绩报酬的提取比例为30%，则基金经理的performance fee业绩报酬为12万美元。第二年投资亏损，资产缩水至220万美元，则基金经理不得提取业绩报酬。而第三年，资产增值到250万美元，则根据高水位线条款的规定，投资者无需为第三年末相比第二年末的30万美元资产增值支付业绩报酬，只需从超过历史资产价值最高水平的240万美元的10万美元中计提业绩报酬，相应业绩报酬为3万美元。

以下为相关示例：

For each Calculation Period, the Performance Fee in respect of each Share of such Class will be equal to the Relevant Percentage of the appreciation in the Net Asset Value of the series to which such Share belongs (adjusted so as to be calculated after deduction of the Management Fee and general expenses but before for any deduction of the Performance Fee, any redemption fees and any redemption deductions payable in respect of Share) during the Calculation Period above the High Water Mark. 

对于每个计算期，该类别各股份的业绩表现费将等于计算期内高水位线上此等股份所属系列资产净值增值的相关百分比（经调整，以便在扣除管理费和一般费用后计算，但在扣除股份的业绩表现费、赎回费、应付股份赎回扣减额之前计算）。