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Illustration (5 Years Detailed)
Notes:
1. Management fee assumed annual.
2. Brokerage calculated on average AUM.
3. Performance fee charged only above High Water Mark & Hurdle.
4. High Water Mark carried forward annually.
5. Illustration purpose only.
Formula Explanation
i = Opening NAV
ii = Gain = i × Return %
iii = Gross Value = i + ii
iv = Average AUM = (i + iii) / 2
v = Other Expense = iv × Other %
vi = Brokerage = iv × Brokerage %
vii = Management Fee = iv × Mgmt %
viii = Total Charges = v + vi + vii
ix = Value Before Performance Fee = iii − viii
x = Hurdle Value = i × (1 + Hurdle %)
xi = Performance Fee = (ix − max(HWM, x)) × Perf %
xii = Net Portfolio = ix − xi
