| Returns | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| AT THE BEGINNING OF THE YEAR | |||||
| NAV at beginning of period ... (A) | |||||
| High Water Mark (HWM) … (B) | |||||
| DURING THE YEAR | |||||
| Return during the year |
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| Return amount during the year | |||||
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Gross Portfolio Value at end of the year BEFORE contract note charges, BEFORE Operating Expenses |
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Less : Contract Note Charges (Brokerage at 0.10%, STT, Stamp Duty, GST, etc.) This head is charged as per actuals on Contract Notes and assumed here at 1% on average of beginning and ending AUM, for illustration purposes only. |
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Gross Portfolio Value at end of the year AFTER contract note charges, BEFORE Operating Expenses |
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Less: Operating Expenses i.e. Non-Contract Note Charges (FA, Custody, Legal, Audit, etc.) The max charge under this head is 0.50% of AUM and assumed on average of beginning and ending AUM, for illustration purposes only. |
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Gross Value of the Portfolio at the end of the year AFTER Contract Note Charges, AFTER Operating Expenses |
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| Less : Fixed Management Fees (@ %) | |||||
| Less : GST on Fixed Management Fees (@ 18% of Fixed Management Fees ) | |||||
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Portfolio Value AFTER fixed Management Fees BEFORE Performance Fees |
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| Less : Performance Fees (@ % after hurdle rate of %) | |||||
| Less : GST on Performance fees (@ 18% of Performance Fees ) | |||||
| Net Value of the Portfolio at end of the year | |||||
| Net return to client | |||||
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Accounts closed here for the year.
Think of it as if PMS account is closed / redeemed and reopened immediately. But HWM is carried forward in reality so any previous losses are carried ahead before performance fees are billed. |
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| Beginning NAV for next year ... (A for next year) | |||||
| High Water Mark (HWM) for next year ... (B for next year) | |||||