The high-water mark is set for a portfolio when you start following a leader. Before you are following a leader, there is no high-water mark to track.
Therefore, this means when you stop following a leader, the high-water mark for a portfolio will be reset. Any previous high-water mark will be lost and replaced with a new high-water mark when you follow a new leader (or the same leader).
As a result, we would caution that followers can end up paying for the same performance if they stop and start following a leader, even if it's the same leader.
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