Element Forces Some Client Redemptions in $3B Downsizing

Element Capital, led by Jeffrey Talpin, is a prominent global macro hedge fund that once managed $18 billion. Due to significant losses in recent years, the fund is reducing its size to become more agile. The fund's management fee was unusually high, doubling to 40% in 2019. This, combined with poor performance, has led to investor dissatisfaction and forced redemptions. Some investors are withdrawing funds without the chance to recover losses, as lock-up periods have been lifted.

What is the current status of investors in Element Capital's fund according to the text?

What does the term 'high water mark' refer to in the context of hedge funds?