美国资产管理行业的投资顾问的绩效管理费「在SEC注册基金的潜在绩效收费与绩效潜在处罚必须匹配」：
投资顾问或经理通常根据合同（通常称为投资咨询协议）提供投资建议、研究服务和某些行政服务。 投资咨询协议规定年费，通常基于净资产的指定百分比。 许多合同的费用表规定，超过指定金额（断点）的净资产会降低百分比。
其他合同可能有绩效费表，根据投资公司绩效与投资咨询协议中规定的市场指数（有时称为“支点”）的比较，规定基本费用百分比加上奖金或减去罚款。 费用”）。
如果绩效费表用于根据 1940 年法案注册的投资公司，则绩效优于指数的潜在奖金必须与绩效不佳的同等潜在处罚相匹配。
如果投资公司未在 SEC 注册并向公众出售，则此类激励费用安排不必是对称的。
有时，投资咨询费可能全部或部分基于基金赚取的投资收入。
行政服务可由投资顾问以外的实体根据单独的行政协议提供。
注：美国未采用“私募基金管理人”的说法，而是主要采用 “私募基金投资顾问”（Private Fund Investment Advisers）表述。
The investment adviser or manager generally provides investment advice, research services, and certain administrative services under a contract, commonly referred to as the investment advisory agreement. The investment advisory agreement provides for an annual fee, which is often based on a specified percentage of net assets. The fee schedules of many contracts provide for reduced percentage rates on net assets in excess of specified amounts (break points). Other contracts may have performance fee schedules that provide for a basic fee percentage plus a bonus, or less a penalty, based on a comparison of the investment company's performance to a market index spected in the investment advisory agreement (sometimes referred to as a "fulcrum fee"). If a performance fee schedule is used for an investment company registered under the 1940 Act, the potential bonus for performance better than the index must be matched by an equivalent potential penalty for poor performance. Such incentive fee arrangements need not be symmetrical if an investment company Si is not registered with the SEC for sale to the general public. Occasionally, the investment advisory fee may be based wholly or partly on the investment income earned by the fund. Administrative services may be provided by an entity other than the investment adviser under a separate administrative agreement.#雪球读书汇# $伯克希尔-哈撒韦B(BRK.B)$ $纳斯达克综合指数(.IXIC)$ $标普500指数(.INX)$