How to negotiate bump in base salary?

I’ve been working at a small fund (long/short equity less than $100M) as the analyst under a PM. My base bonus for my three years have been: Year 1: 70k base/35k bonus Year 2: 70k base/35k bonus Year 3: 70k base/90k bonus

For year 4, PM wants to increase my bonus component (which is a a percent of P&L), but not my base going forward. I live in a high COL and in my mid 20s , so it’s pretty annoying having most of my comp be uncertain every year based on fund performance. I get that we are small, so I don’t want to act like I’m going to be earning the same as someone at a much larger fund and I like what I’m doing and we’re doing well performance wise , plus I don’t want to piss him off that he starts to look for replacements. How do I go about this? How do I negotiate for something better on the base? Should I be like if we hit “x for next year” I should get a bump? Should I say that most analysts get a base bump in the industry every year and show him with some industry data?Can I ask him “if we hit x in AUM each year, can I get a modest raise of x in base”?