Question 7 [last update 16 July 2021]: In case the authorised AIFM has delegated the portfolio management function to different delegated portfolio managers, would it be admissible to pay a performance fee to those delegated portfolio managers who have overperformed during the performance reference period, despite a global underperformance of the fund during the same performance reference period?

Question 6 [last update 28 May 2021]: How should the performance reference period be
set in case of a merger where the receiving AIF is a newly established fund with no
performance history and it is in effect a continuation of the merging AIF?

Question 5 [last update 20 May 2022]: Based on paragraph 40 of the Guidelines on performance fees, how should the performance reference period for the benchmark model be set?

Question 4 [last update 28 May 2021]: Are registered AIFMs referred to in Article 3(2) of the
AIFMD subject to ESMA’s Guidelines on performance fees while marketing to retail investors
units or shares of AIFs they manage?

Where a UCITS has a hedged share class in a different currency, should unrealised FX profits and losses be counted towards the NAV of the hedged share class and accordingly be taken into account when calculating the counterparty risk limit of Article 52(1) of the UCITS Directive?