[ESMA 34-43-392 UCITS Q&A, Section 11, 5a]

No. Based on paragraph 37 of the guidelines, performance fees:

• should be paid only where positive performance has been accrued during the performance reference period;
• could be paid in case the fund has overperformed the reference benchmark but had a negative performance.

The above also applies in case of delegation by the authorised management company to different delegated portfolio managers. Therefore, in case of a global underperformance of the fund, performance fees should not be paid to those delegated portfolio managers who have overperformed.