You pay only on new gains.
- Water is your portfolio.
- The gold line is your High Water Mark.
- The fee is 20% of the green slice above it.
A fall is never charged, and the same gain is never charged twice.
One portfolio, start to finish
You invest ₹3L. The mark starts here.
Portfolio ₹3,00,000.00 · Mark ₹3,00,000.00
Portfolio₹0
High Water Mark₹3,00,000
Fees so far₹0
Four rules decide every fee
You add money
You add ₹1L. The mark rises too.
You take money out
Market falls. The mark stays.
The market falls
Market falls. The mark stays.
The market rises
Market rises above your mark.
Terms in plain language
Portfolio value (NAV)
What your portfolio is actually worth right now: your cash plus the current market value of your shares. For example ₹2,50,000 of shares plus ₹75,000 of cash is a portfolio value of ₹3,25,000.
High Water Mark
The benchmark your fee is measured against. It is not the same as your portfolio value — it is the level your fees have already been settled up to.
Eligible profit
The part of your portfolio value that sits above the High Water Mark once deposits and withdrawals have been accounted for. If there is none, the fee is nil.
Performance fee
20% of eligible profit, worked out at the end of each quarter (and when a withdrawal takes out gains that have not yet been settled).