high-water mark

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1. (Abbr. HWM) A mark indicating the highest level reached by a body of water.
2. The highest point, as of achievement; the apex.

The highest peak in value that an investment fund/account has reached. This term is often used in the context of fund manager compensation, which is performance based.

Investopedia Says:
The high watermark ensures that the manager does not get paid large sums for poor performance. So if the manager loses money over a period, he or she must get the fund above the high watermark before receiving a performance bonus. For example, say after reaching its peak a fund loses $100,000 in year one, and then makes $250,000 in year two. The manager therefore not only reached the high watermark but exceeded it by $150,000 ($250,000 - $100,000), which is the amount on which the manager gets paid the bonus.

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The peak of something, especially an achievement. For example, This composition is the high-water mark of his entire output. This expression alludes to the highest mark left on shore by the tide. [Mid-1800s]

(DOD) Properly, a mark left on a beach by wave wash at the preceding high water. It does not necessarily correspond to the high-water line. Because it can be determined by simple observation, it is frequently used in place of the high-water line, which can be determined only by a survey. When so used, it is called the high-water line.