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A hedge fund feature that allows an incentive fee to be earned only after the fund exceeds a specified return best defines a:

A lockup.

B hurdle rate.

D high-water mark.

解析：

A. Incorrect because investors in modern hedge funds are subject to extended holding periods (known as lockup periods) and subsequent notice periods before an investment redemption is possible. As noted previously, restrictions on redemptions are typically imposed. Investors may be required to keep their money in the hedge fund for a minimum period (referred to as a lockup period) before they are allowed to make withdrawals or redeem shares.

B. Correct because the hurdle rate is a minimum rate of return, typically 8%, that the GP must exceed in order to earn the performance fee. GPs typically receive 20% of the total profit of the private equity fund net of any hard hurdle rate, in which case the GP earns fees on annual returns in excess of the hurdle rate, or net of the soft hurdle rate, in which case the fee is calculated on the entire annual gross return as long as the set hurdle is exceeded.

C. Incorrect because in hedge funds, fee calculations also take into account a high-water mark, which reflects the highest value used to calculate an incentive fee. A high-water mark is the highest value of the fund investment ever achieved at a performance fee crystallization date, net of fees, by the individual LP. A high-water mark clause states that a hedge fund manager must recuperate declines in value from the high-water mark before performance fees can be charged on newly generated profits. The use of high-water marks protects clients from paying twice for the same performance.