Performance fees you can check for yourself

Your portfolio is measured against a High Water Mark — the highest level your fees have already been settled up to. You pay a 20% performance fee only on new gains above that mark. Money you add is never treated as profit, and money you take out is never treated as a loss.

See 15 worked examples Try the illustrative calculator How it works

When no fee is charged

The portfolio has not yet recovered to its previous mark.

₹4,00,000High Water Mark

↓ ₹40,000 still to recover

₹3,60,000Your portfolio

Performance fee: ₹0. Nothing is charged until the portfolio climbs back above ₹4,00,000.

When a fee is charged

Only the amount above the mark counts as new performance.

₹4,50,000Your portfolio

↑ ₹50,000 of new performance

₹4,00,000High Water Mark

New performance ₹50,000 × 20% = ₹10,000. Your mark then moves up, so this same gain is never charged twice.

The four rules that decide every calculation

You add money

Your portfolio and your High Water Mark both rise by the same amount. A deposit can never create a fee.

You take money out

Your High Water Mark is adjusted so the withdrawal is not mistaken for a loss — and not used to avoid a fee already earned.

The market falls

No fee. Your High Water Mark stays where it is, so the fall has to be recovered before fees resume.

The market rises

A fee applies only to the part above your mark, at 20%. The mark then resets to your value after the fee.

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).