I would like to know more about when HWM is calculated

I knew: The HWM is calculated and the performance fee is charged every time one of the following trigger events occurs.

• 1^st of each month.
• The strategy provider stops providing their strategy.
• The investor stops copying the strategy.
• The investor withdraws funds from their copy-trading account.
  So if the strategy provider withdraws funds, does HWM count?
  Thank you.