Illustration of PMS fees using quarterly management-fee calculation, high water mark, hurdle rate, and year-end performance fee logic based on the supplied PMS Fee Calculator workbook.
Management fee is charged quarterly on average NAV. Returns are assumed to accrue linearly through the year. Performance fee is charged only when the year-end value exceeds the high water mark plus hurdle. GST, tax impact, inflows, outflows and agreement-specific billing terms are not included.