partnership accounting
DESCRIPTION
Hedge fund accounting in Excel, Equity allocation,TRANSCRIPT
Series NAV Calculation
Definition of NAV (Net Asset Value)
The market value of a fund's total assets, minus liabilities, divided by the number of shares outstanding.In other words, Net Equity divided by number of shares. NAV is the basis for ascertaining the prices applicable to investor subscriptions and redemptions.
Period 1 - During Inception of fund with initial subscription
Definition of Series NAV:When there are new subscriptions of the fund, the fund creates a new series of shares to issue to the subscribing shareholders. All shareholders entering the fund at the same time receive shares from the same series.
Base/Lead Series:Series of shares issued when the fund was launched or at the fund’s inception with subsequent subscriptions allocated to new series in a new class
Exercise:Shareholder A(GP) joins the fund in period 1 with a subscription of $ 100,000 and purchases 1000 shares of series O ( base series)The fund earns $ 40,000 profit during period 1. Both Incentive fees & Management fees not applicable to GP
Series Shareholder Subscription capital % P&L Allocated Ending Capital NAV
0 (Base) A (GP) 100,000.00 1,000.00 100,000.00 100% 40,000.00 40,000.00 140,000.00 140.00
Shares purchased
Beginning capital
Cummlative P& L
Series NAV Calculation
Period 2 - Multiple series of shares and Class of shares
Multiple Series Method1) Using multiple series shares is equivalent to tracking each shareholder's subscription separately2) A Fund issues a new series of shares whenever there is a new subscription3) All shareholders entering the fund at the same time receive shares from the same series
Advantages:1) It bases performance fee on profit earned on a particular subscription
Disadvantage1) It can create a large number of series of shares, each with a different NAV/share.(For example, if a fund has a number of subscriptions during a year whenthe market is down, all series that have lossess will be carried forward into the following year)2) The fund must manage a number of high water marks and charge fee accordingly3) It can be confusing for investors who own shares of several series.(For example:Shareholders who want to redeem shares must decide which series to redeem them from)
About Management FeeMeaning:
The charge that a fund manager assesses to cover operating expenses. Investors are typically charged separately for costs incurred for outsourced services. The fee generally ranges from an annual 0.5% to 2% of an investor's entire holdings in the fund.
Many partnerships do not charge management fees to the general partners or affiliated entities. In addition, many funds have agreements with certain limited partners to pay either a reduced fee or no fee.
Calculation of Management fee:
Management fees typically range from 1% to 4% per annum, with 2% being the standard figure. Therefore, if a fund has $1 billion of assets at the year end and charges a 2% management fee, the management fee will be $20 million in total. Management fees are usually calculated annually, quarterly and paid monthly.
ExerciseShareholder B, C & D joins the fund in period 2 with a subscription of $ 500,000 , $ 250,000 & $ 150,000 on 01/02/X1. He enters into Class A where management fee is 2%The fund earns $ 60,000 profit during period 2. Previous month GNAV 140
Class Series Subscription Opening P&L Capital % Gross P& L Mgt Fee P&L Allocated Gross NAV Net NAV
0 (Base) A (GP) - 1,000.00 140,000.00 40,000.00 13.46% 8,076.92 - 8,076.92 48,076.92 148,076.92 148,076.92 148.0769 148.0769A 1 B 500,000.00 3,571.43 500,000.00 - 48.08% 28,846.15 833.33 28,012.82 28,012.82 528,846.15 528,012.82 148.0769 147.8436A 2 C 250,000.00 1,785.71 250,000.00 - 24.04% 14,423.08 416.67 14,006.41 14,006.41 264,423.08 264,006.41 148.0769 147.8436A 3 D 150,000.00 1,071.43 150,000.00 - 14.42% 8,653.85 250.00 8,403.85 8,403.85 158,653.85 158,403.85 148.0769 147.8436
900,000.00 7,428.57 1,040,000.00 40,000.00 100% 60,000.00 1,500.00 58,500.00 98,500.00 1,100,000.00 1,098,500.00
The management fee is calculated as a percentage of the net asset value of the fund at the time when the fee becomes payable.
Shareholder
Shares purchased
Beginning capital
Cumulative P&L
Closing Gross Equity
Closing Net Equity
Series NAV Calculation
Period 3 - Management Fee and Incentive fee Class of shares with Gross NAV and Net NAV
About Incentive FeesIncentive fee means a fee based on performance determined by reference to thegrowth in net asset value over a given period.
MethodologiesWhole of Fund:
The simplest performance fee methodology is the whole of fund method. This involves determining the performance of the fund (or class) as a whole and calculating the performance fee accordingly. The whole of fund method can be used effectively for closed-end funds where there is only one issue of shares or units and no (or infrequent) redemptions of shares or units.
Series:An alternative for funds with multiple issues or redemptions of shares or units is the series accounting method. This method uses different series of shares or units within each class. Each series will have the same rights attached to them but will have a different issue date and different net asset value. Accordingly, performance fees are calculated on a series by series basis.
Equalization:The equalisation method is different from series accounting because it uses only one series of units or shares in a class and performance fees are charged in accordance with the performance of individual investors.
ExerciseShareholder E,F & G joins the fund in period 3 with a subscription of $ 400,000, $ 200,000 & $ 350,000 01/03/X1. He enters into Class B where management fee is 2.5% and performance fee is 20%The fund earns $ 150,000 profit during period 3.Subscription price is as per Class A series ie 148.0769
Series Subscription Opening P&L Capital % Gross P& L Mgt Fee P&L Allocated Gross NAV Net NAV Gross % Net %
0 (Base) A (GP) - 1,000.00 148,076.92 48,076.92 7.22% 10,834.90 - 10,834.90 58,911.82 - 158,911.82 158,911.82 158.9118 158.9118 7.32% 7.32% GP - No Perf fee, mgt fee, hurdle rate, HWMA1 B - 3,571.43 528,846.15 28,012.82 25.80% 38,696.06 881.41 37,814.65 65,827.47 - 567,542.21 566,660.80 158.9118 158.6650 7.32% 7.15% With Mgt fee & No Perf fee, hurdle rate & HWMA2 C - 1,785.71 264,423.08 14,006.41 12.90% 19,348.03 440.71 18,907.32 32,913.74 - 283,771.11 283,330.40 158.9118 158.6650 7.32% 7.15% With Mgt fee & No Perf fee, hurdle rate & HWMA3 D - 1,071.43 158,653.85 8,403.85 7.74% 11,608.82 264.42 11,344.39 19,748.24 - 170,262.66 169,998.24 158.9118 158.6650 7.32% 7.15% With Mgt fee & No Perf fee, hurdle rate & HWMB1(Base) E 400,000.00 2,701.30 400,000.00 - 19.51% 29,268.29 833.33 28,434.96 28,434.96 5,687.00 429,268.29 422,747.96 158.9118 156.4980 7.32% 5.69% With Mgt fee, Perf fee & No Hurdle rate, HWMB2 F 200,000.00 1,350.65 200,000.00 - 9.76% 14,634.15 416.67 14,217.48 14,217.48 2,843.00 214,634.15 211,374.48 158.9118 156.4984 7.32% 5.69% With Mgt fee, Perf fee & No Hurdle rate, HWMB3 G 350,000.00 2,363.64 350,000.00 - 17.07% 25,609.76 729.17 24,880.59 24,880.59 4,976.00 375,609.76 369,904.59 158.9118 156.4981 7.32% 5.69% With Mgt fee, Perf fee & No Hurdle rate, HWM
950,000.00 13,844.16 2,050,000.00 98,500.00 100% 150,000.00 3,565.71 146,434.29 244,934.29 13,506.00 2,200,000.00 2,182,928.29
Shareholder
Shares purchased
Beginning capital
Cumulative P&L
Incentive Fee
Allocation for the month
Closing Gross Equity
Closing Net Equity
Series NAV Calculation
GP - No Perf fee, mgt fee, hurdle rate, HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWM
Series NAV Calculation
Period 4 - Applicability of Hurdle rate to calculate Incentive fee
About Hurdle RateThis is a benchmark return which is the minimum performance required to be achieved by a fund before an incentive fee will be charged.It might be a 5% per annum return, or LIBOR, for example.If the fund’s NAV does not appreciate by more than this hurdle rate,then no incentive fee will be accrued or paid. Practice can differ with the calculation of the incentive fee oncethe hurdle rate has been reached.
ExerciseShareholder H joins the fund in period 4 with a subscription of $ 200,000 01/03/X1. He enters into Class B seriesThe fund earns $ 100,000 profit during period 4. Previous Month GNAV - 158.9118Hurdle Rate 5%
Series Subscription Opening P&L Capital % Gross P& L Mgt Fee P&L Allocated
0 (Base) A (GP) - 1,000.00 158,911.82 58,911.82 6.62% 6,621.33 - 6,621.33 65,533.15 0 0A1 B - 3,571.43 567,542.21 65,827.47 23.65% 23,647.59 945.90 22,701.69 88,529.16 0 0A2 C - 1,785.71 283,771.11 32,913.74 11.82% 11,823.80 472.95 11,350.84 44,264.58 0 0A3 D - 1,071.43 170,262.66 19,748.24 7.09% 7,094.28 283.77 6,810.51 26,558.75 0 0B1(Base) E - 2,701.30 429,268.29 28,434.96 5,687.00 17.89% 17,886.18 894.31 16,991.87 45,426.83 0 0B2 F - 1,350.65 214,634.15 14,217.48 2,843.00 8.94% 8,943.09 447.15 8,495.93 22,713.41 - - B3 G - 2,363.64 375,609.76 24,880.59 4,976.00 15.65% 15,650.41 782.52 14,867.89 39,748.48 - - B4 H 200,000.00 1,258.56 200,000.00 - 8.33% 8,333.33 416.67 7,916.67 7,916.67 0.417% 833.33
200,000.00 15,102.72 2,400,000.00 244,934.29 13,506.00 100% 100,000.00 4,243.28 95,756.72 340,691.02 0.00 833.33
Shareholder
Shares purchased
Beginning capital
Opening Incentive Fee
Cumulative P&L
Hurdle Rate 5%
Hurdle Amount
Series NAV Calculation
Period 4 - Applicability of Hurdle rate to calculate Incentive fee
About Hurdle RateThis is a benchmark return which is the minimum performance required to be achieved by a fund before an incentive fee will be charged.It might be a 5% per annum return, or LIBOR, for example.If the fund’s NAV does not appreciate by more than this hurdle rate,then no incentive fee will be accrued or paid. Practice can differ with the calculation of the incentive fee oncethe hurdle rate has been reached.
ExerciseShareholder H joins the fund in period 4 with a subscription of $ 200,000 01/03/X1. He enters into Class B seriesThe fund earns $ 100,000 profit during period 4. Previous Month GNAV - 158.9118Hurdle Rate 5%
Series
0 (Base) A (GP)A1 BA2 CA3 DB1(Base) EB2 FB3 GB4 H
Shareholder Gross NAV Net NAV Gross % Net %
6,621.33 - 165,533.15 165,533.15 165.5331 165.5331 4.17% 4.17% GP - No Perf fee, mgt fee, hurdle rate, HWM 22,701.69 - 591,189.81 590,243.90 165.5331 165.2683 4.17% 4.00% With Mgt fee & No Perf fee, hurdle rate & HWM 11,350.84 - 295,594.90 295,121.95 165.5331 165.2683 4.17% 4.00% With Mgt fee & No Perf fee, hurdle rate & HWM 6,810.51 - 177,356.94 177,073.17 165.5331 165.2683 4.17% 4.00% With Mgt fee & No Perf fee, hurdle rate & HWM 16,991.87 3,398.00 9,085.00 447,154.47 442,862.16 165.5331 163.9441 4.17% 3.17% With Mgt fee, Perf fee & No Hurdle rate, HWM 8,495.93 1,699.00 4,542.00 223,577.24 221,431.08 165.5331 163.9441 4.17% 3.17% With Mgt fee, Perf fee & No Hurdle rate, HWM 14,867.89 2,974.00 7,950.00 391,260.16 387,503.64 165.5331 163.9438 4.17% 3.17% With Mgt fee, Perf fee & No Hurdle rate, HWM 7,083.33 1,417.00 1,417.00 208,333.33 206,499.67 165.5331 164.0762 4.17% 3.25% With Mgt fee, perf fee, hurdle rate & No HWM
94,923.39 9,488.00 22,994.00 2,500,000.00 2,486,268.72
Performance Profit to Cal IncentiveFee
Incentive Fee Allocation for
the month
Cumulative Incentive
FeeClosing Gross
EquityClosing Net
Equity
Series NAV Calculation
Period 4 - Applicability of Hurdle rate to calculate Incentive fee
About Hurdle RateThis is a benchmark return which is the minimum performance required to be achieved by a fund before an incentive fee will be charged.It might be a 5% per annum return, or LIBOR, for example.If the fund’s NAV does not appreciate by more than this hurdle rate,then no incentive fee will be accrued or paid. Practice can differ with the calculation of the incentive fee oncethe hurdle rate has been reached.
ExerciseShareholder H joins the fund in period 4 with a subscription of $ 200,000 01/03/X1. He enters into Class B seriesThe fund earns $ 100,000 profit during period 4. Previous Month GNAV - 158.9118Hurdle Rate 5%
Series
0 (Base) A (GP)A1 BA2 CA3 DB1(Base) EB2 FB3 GB4 H
Shareholder
GP - No Perf fee, mgt fee, hurdle rate, HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, perf fee, hurdle rate & No HWM
Series NAV Calculation
Period 5 - Applicability of HWM to calculate Incentive Fee
About High water mark and Loss Carry ForwardThe higher of the NAV at the date of subscription and the previous highest NAV at which an incentive fee was paid or, if the fundloses value, in addition to no incentive fee accruing to the manager, a loss carry forward calculated, whereby the fundmust recoup prior losses before any fee can begin to accrue.
ExerciseShareholder I & J joins the fund in period 5 with a subscription of $ 450,000 & $ 325,000 01/06/X1. He enters into Class BThe fund earns $ 300,000 profit during period 5. Previous month GNAV 165.5331
Series Shareholder Subscription Opening GNAV
0 (Base) A (GP) - 1,000.00 165.53 A1 B - 3,571.43 165.53 A2 C - 1,785.71 165.53 A3 D - 1,071.43 165.53 B1(Base) E - 2,701.30 165.53 B2 F - 1,350.65 165.53 B3 G - 2,363.64 165.53 B4 H - 1,258.56 165.53 B5 I 450,000.00 2,718.49 165.53 B6 J 325,000.00 1,963.35 165.53
775,000.00 19,784.56
Shares purchased
Series NAV Calculation
The higher of the NAV at the date of subscription and the previous highest NAV at which an incentive fee was paid or, if the fundloses value, in addition to no incentive fee accruing to the manager, a loss carry forward calculated, whereby the fund
Shareholder I & J joins the fund in period 5 with a subscription of $ 450,000 & $ 325,000 01/06/X1. He enters into Class BThe fund earns $ 300,000 profit during period 5. Previous month GNAV 165.5331
Opening P&L Capital % Gross P& L Mgt Fee
165,533.15 65,533.15 5.05% 15,163.34 - 591,189.81 88,529.16 18.05% 54,154.79 985.32 295,594.90 44,264.58 9.03% 27,077.40 492.66 177,356.94 26,558.75 5.42% 16,246.44 295.59 447,154.47 45,426.83 9,085.00 13.65% 40,960.71 931.57 223,577.24 22,713.41 4,542.00 6.83% 20,480.36 465.79 391,260.16 39,748.48 7,950.00 11.95% 35,840.63 815.13 208,333.33 7,916.67 1,417.00 6.36% 19,083.97 434.03 450,000.00 - - 13.74% 41,221.37 937.50 325,000.00 - - 9.92% 29,770.99 677.08
3,275,000.00 340,691.02 100% 300,000.00 6,034.66
Beginning capital
Opening Incentive Fee
Series NAV Calculation
P&L Allocated Cumulative P&L Hurdle Rate 5% Hurdle Amount HWM
15,163.34 80,696.49 0 0 15,163.34 0 53,169.48 141,698.63 0 0 53,169.48 0 26,584.74 70,849.32 26,584.74 0 15,950.84 42,509.59 15,950.84 0 40,029.14 85,455.97 0 0 40,029.14 0 20,014.57 42,727.99 - - 20,014.57 0 35,025.50 74,773.98 - - 35,025.50 0 18,649.94 26,566.61 0.417% 868.06 17,781.89 0 40,283.87 40,283.87 0.417% 1,875.00 38,408.87 179.66 29,093.91 29,093.91 0.417% 1,354.17 27,739.74 179.66
293,965.34 634,656.35 0.01 4,097.22 289,868.11
Performance Profit to Cal IncentiveFee
Series NAV Calculation
Gross NAV
- - 180,696.49 180,696.49 180.6965 - - 645,344.60 644,359.28 180.6965 - - 322,672.30 322,179.64 180.6965 - - 193,603.38 193,307.78 180.6965 8,006.00 17,091.00 488,115.19 479,177.61 180.6965 4,003.00 8,545.00 244,057.59 239,588.81 180.6965 7,005.00 14,955.00 427,100.79 419,280.66 180.6965 3,556.00 4,973.00 227,417.30 223,427.28 180.6965
Yes 7,681.77 7,681.77 491,221.37 482,602.10 180.6964 Yes 5,547.95 5,547.95 354,770.99 348,545.96 180.6964
- 35,799.72 58,793.72 3,575,000.00 3,533,165.62
HWM applicability
Incentive Fee Allocation for
the monthCumulative
Incentive FeeClosing Gross
EquityClosing Net
Equity
Series NAV Calculation
Net NAV Gross % Net %
180.6965 9.16% 9.16% GP - No Perf fee, mgt fee, hurdle rate, HWM 180.4206 9.16% 8.99% With Mgt fee & No Perf fee, hurdle rate & HWM 180.4206 9.16% 8.99% With Mgt fee & No Perf fee, hurdle rate & HWM 180.4206 9.16% 8.99% With Mgt fee & No Perf fee, hurdle rate & HWM 177.3878 9.16% 7.16% With Mgt fee, Perf fee & No Hurdle rate, HWM 177.3878 9.16% 7.16% With Mgt fee, Perf fee & No Hurdle rate, HWM 177.3879 9.16% 7.16% With Mgt fee, Perf fee & No Hurdle rate, HWM 177.5262 9.16% 7.25% With Mgt fee, perf fee, hurdle rate & No HWM 177.5258 9.16% 7.24% With Mgt fee, perf fee, hurdle rate & HWM 177.5258 9.16% 7.24% With Mgt fee, perf fee, hurdle rate & HWM
Series NAV Calculation
GP - No Perf fee, mgt fee, hurdle rate, HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, perf fee, hurdle rate & No HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, hurdle rate & HWM
Series NAV Calculation
Period 6 - Existing investor in new series and new Class and amendment of no hurdle rate for prospective shareholder
ExerciseShareholder B joins the fund in period 6 with a subscription of $ 225,000 on 01/07/X1. He enters into Class E. Also shareholder I joins the fund with subscription of 150,000.He enters into D seriesThe fund has a loss of $ 355,000 during period 6. Previous MonthGNAV 180.6965No hurdle rate for new investor
Series Shareholder Subscription Opening GNAV
0 (Base) A (GP) - 1,000.00 180.6965 A1 B - 3,571.43 180.6965 A2 C - 1,785.71 180.6965 A3 D - 1,071.43 180.6965 B1(Base) E - 2,701.30 180.6965 B2 F - 1,350.65 180.6965 B3 G - 2,363.64 180.6965 B4 H - 1,258.56 180.6965 B5 I - 2,718.49 180.6964 B6 J - 1,963.35 180.6964 C1(Base) I 150,000.00 830.12 180.6965 C2 B 225,000.00 1,245.18 180.6965
375,000.00 21,859.86
Shares purchased
Series NAV Calculation
Period 6 - Existing investor in new series and new Class and amendment of no hurdle rate for prospective shareholder
Shareholder B joins the fund in period 6 with a subscription of $ 225,000 on 01/07/X1. He enters into Class E. Also shareholder I joins the fund with subscription of 150,000.He enters into D seriesThe fund has a loss of $ 355,000 during period 6. Previous MonthGNAV 180.6965
Opening P&L Capital % Gross P& L Mgt Fee
180,696.49 80,696.49 - 4.57% (16,239.81) - 645,344.60 141,698.63 - 16.34% (57,999.32) 1,075.57 322,672.30 70,849.32 - 8.17% (28,999.66) 537.79 193,603.38 42,509.59 - 4.90% (17,399.80) 322.67 488,115.19 85,455.97 17,091.00 12.36% (43,868.58) 1,016.91 244,057.59 42,727.99 8,545.00 6.18% (21,934.29) 508.45 427,100.79 74,773.98 14,955.00 10.81% (38,385.01) 889.79 227,417.30 26,566.61 4,973.00 5.76% (20,438.77) 473.79 491,221.37 32,602.10 - 12.44% (44,147.74) 1,023.38 354,770.99 23,545.96 - 8.98% (31,884.48) 739.11 150,000.00 - 0 3.80% (13,481.01) 312.50 225,000.00 - - 5.70% (20,221.52) 468.75
3,950,000.00 621,426.63 45,564.00 100% (355,000.00) 7,368.71
Beginning capital
Opening Incentive Fee
Series NAV Calculation
Shareholder B joins the fund in period 6 with a subscription of $ 225,000 on 01/07/X1. He enters into Class E. Also shareholder I joins the fund with subscription of 150,000.He enters into D series
P&L Allocated Cumulative P&L Hurdle Rate 5% Hurdle Amount HWM -
(16,239.81) 64,456.68 0 0 (16,239.81) 0 (59,074.90) 82,623.73 0 0 (59,074.90) 0 (29,537.45) 41,311.87 0 0 (29,537.45) 0 (17,722.47) 24,787.12 0 0 (17,722.47) 0 (44,885.49) 40,570.49 0 0 (44,885.49) 0 (22,442.74) 20,285.24 - - (22,442.74) 0 (39,274.80) 35,499.17 - - (39,274.80) 0 (20,912.56) 5,654.05 0.417% 947.57 (21,860.13) 0 (45,171.12) (12,569.02) 0.417% 2,046.76 (47,217.88) 165.53 (32,623.59) (9,077.63) 0.417% 1,478.21 (34,101.80) 165.53 (13,793.51) (13,793.51) 0.417% 625.00 (14,418.51) 180.70 (20,690.27) (20,690.27) 0.000% - (20,690.27) 180.70
(362,368.71) 259,057.93 0.02 5,097.54 (367,466.25)
Performance Profit to Cal IncentiveFee
Series NAV Calculation
Gross NAV Net NAV
- - 164,456.68 164,456.68 164.4567 164.4567 - - 587,345.27 586,269.70 164.4567 164.1555 - - 293,672.64 293,134.85 164.4567 164.1555 - - 176,203.58 175,880.91 164.4567 164.1555 - 17,091.00 444,246.61 443,229.70 164.4567 164.0802 - 8,545.00 222,123.30 221,614.85 164.4567 164.0802 - 14,955.00 388,715.78 387,825.99 164.4567 164.0802 - 4,973.00 206,978.53 206,504.75 164.4567 164.0802
Yes - - 447,073.63 446,050.25 164.4566 164.0802 Yes - - 322,886.51 322,147.40 164.4566 164.0802 No - - 136,518.99 136,206.49 164.4567 164.0802 No - - 204,778.48 204,309.73 164.4567 164.0802
- - 45,564.00 3,595,000.00 3,587,631.29
HWM applicabilit
y
Incentive Fee Allocation for
the monthCumulative
Incentive FeeClosing Gross
EquityClosing Net
Equity
Series NAV Calculation
Gross % Net %
-8.99% -8.99% GP - No Perf fee, mgt fee, hurdle rate, HWM-8.99% -9.15% With Mgt fee & No Perf fee, hurdle rate & HWM-8.99% -9.15% With Mgt fee & No Perf fee, hurdle rate & HWM-8.99% -9.15% With Mgt fee & No Perf fee, hurdle rate & HWM-8.99% -9.20% With Mgt fee, Perf fee & No Hurdle rate, HWM-8.99% -9.20% With Mgt fee, Perf fee & No Hurdle rate, HWM-8.99% -9.20% With Mgt fee, Perf fee & No Hurdle rate, HWM-8.99% -9.20% With Mgt fee, perf fee, hurdle rate & No HWM-8.99% -9.20% With Mgt fee, perf fee, hurdle rate & HWM-8.99% -9.20% With Mgt fee, perf fee, hurdle rate & HWM-8.99% -9.20% With Mgt fee, perf fee, hurdle rate & HWM-8.99% -9.20% With Mgt fee, perf fee, HWM & No Hurdle rate
Series NAV Calculation
Period 7 -
Exercise
The Fund earns a profit of $ 450,000 during the period 7
Series Shareholder Subscription
0 (Base) A (GP) 100,000.00 1,000.00 100.0000 A1 B 500,000.00 3,571.43 140.0000 A2 C 250,000.00 1,785.71 140.0000 A3 D 150,000.00 1,071.43 140.0000 B1(Base) E 400,000.00 2,701.30 148.0769 B2 F 200,000.00 1,350.65 148.0769 B3 G 350,000.00 2,363.64 148.0769 B4 H 200,000.00 1,258.56 158.9118 B5 I 450,000.00 2,718.49 165.5331 B6 J 325,000.00 1,963.35 165.5331 C1(Base) I 150,000.00 830.12 180.6965 C2 B 225,000.00 1,245.18 180.6965
3,300,000.00 21,859.86
Shares purchased
Subscription NAV
Series NAV Calculation
Opening GNAV Beginning capital Opening P&L Capital % Gross P& L
164.4567 164,456.68 64,456.68 - 4.57% 20,585.68 164.4567 587,345.27 82,623.73 - 16.34% 73,520.27 164.4567 293,672.64 41,311.87 - 8.17% 36,760.14 164.4567 176,203.58 24,787.12 - 4.90% 22,056.08 164.4567 444,246.61 40,570.49 17,091.00 12.36% 55,608.06 164.4567 222,123.30 20,285.24 8,545.00 6.18% 27,804.03 164.4567 388,715.78 35,499.17 14,955.00 10.81% 48,657.05 164.4567 206,978.53 5,654.05 4,973.00 5.76% 25,908.30 164.4566 447,073.63 (12,569.02) - 12.44% 55,961.93 164.4566 322,886.51 (9,077.63) - 8.98% 40,416.95 164.4567 136,518.99 (13,793.51) - 3.80% 17,088.61 164.4567 204,778.48 (20,690.27) - 5.70% 25,632.91
3,595,000.00 259,057.93 45,564.00 100% 450,000.00
Opening Incentive Fee
Series NAV Calculation
Mgt Fee P&L Allocated Hurdle Rate 5% Hurdle Amount -
- 20,585.68 85,042.35 0 0 20,585.68 978.91 72,541.36 155,165.10 0 0 72,541.36 489.45 36,270.68 77,582.55 0 0 36,270.68 293.67 21,762.41 46,549.53 0 0 21,762.41 925.51 54,682.55 95,253.03 0 0 54,682.55 462.76 27,341.27 47,626.52 - - 27,341.27 809.82 47,847.23 83,346.40 - - 47,847.23 431.21 25,477.10 31,131.15 0.417% 862.41 24,614.68 931.40 55,030.53 42,461.51 0.417% 1,862.81 53,167.72 672.68 39,744.27 30,666.64 0.417% 1,345.36 38,398.91 284.41 16,804.19 3,010.68 0.417% 568.83 16,235.36 426.62 25,206.29 4,516.02 0.000% - 25,206.29
6,706.46 443,293.54 702,351.47 0.02 4,639.41 438,654.14
Cumulative P&L
Performance Profit to Cal IncentiveFee
Series NAV Calculation
HWM
0 - - 185,042.35 185,042.35 0 - - 660,865.54 659,886.63 0 - - 330,432.77 329,943.32 0 - - 198,259.66 197,965.99 0 10,937.00 28,028.00 499,854.67 487,992.15 0 5,468.00 14,013.00 249,927.33 243,996.58 0 9,569.00 24,524.00 437,372.83 426,994.01 0 4,923.00 9,896.00 232,886.83 227,532.63
185.09 Yes 10,633.54 10,633.54 503,035.56 491,470.62 185.09 Yes 7,679.78 7,679.78 363,303.46 354,951.00 200.25 Yes 3,247.07 3,247.07 153,607.59 150,076.11 200.94 Yes 5,041.26 5,041.26 230,411.39 224,943.51
771.38 - 57,498.65 103,062.65 4,045,000.00 3,980,794.89
HWM applicability
Incentive Fee Allocation for
the monthCumulative
Incentive FeeClosing Gross
EquityClosing Net
Equity
Series NAV Calculation
Gross NAV Net NAV Gross % Net %
185.0424 185.0424 12.52% 12.52% GP - No Perf fee, mgt fee, hurdle rate, HWM 185.0424 184.7683 12.52% 12.35% With Mgt fee & No Perf fee, hurdle rate & HWM 185.0424 184.7683 12.52% 12.35% With Mgt fee & No Perf fee, hurdle rate & HWM 185.0424 184.7683 12.52% 12.35% With Mgt fee & No Perf fee, hurdle rate & HWM 185.0423 180.6509 12.52% 9.85% With Mgt fee, Perf fee & No Hurdle rate, HWM 185.0423 180.6513 12.52% 9.85% With Mgt fee, Perf fee & No Hurdle rate, HWM 185.0423 180.6513 12.52% 9.85% With Mgt fee, Perf fee & No Hurdle rate, HWM 185.0423 180.7881 12.52% 9.93% With Mgt fee, perf fee, hurdle rate & No HWM 185.0423 180.7881 12.52% 9.93% With Mgt fee, perf fee, hurdle rate & HWM 185.0423 180.7881 12.52% 9.93% With Mgt fee, perf fee, hurdle rate & HWM 185.0424 180.7882 12.52% 9.93% With Mgt fee, perf fee, hurdle rate & HWM 185.0424 180.6511 12.52% 9.85% With Mgt fee, perf fee, HWM & No Hurdle rate
Series NAV Calculation
GP - No Perf fee, mgt fee, hurdle rate, HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, perf fee, hurdle rate & No HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, HWM & No Hurdle rate
Series NAV Calculation
Period 8 - Redemption of shares in two different series based on number of shares
ExerciseShareholder F redeems 1000 shares & Shareholder G redeems 2000 shares.The Fund earns a profit of $ 375,000 during the period 8
Series Shareholder
0 (Base) A (GP) 100,000.00 1,000.00 100.0000 A1 B 500,000.00 3,571.43 140.0000 A2 C 250,000.00 1,785.71 140.0000 A3 D 150,000.00 1,071.43 140.0000 B1(Base) E 400,000.00 2,701.30 148.0769 B2 F 200,000.00 1,350.65 148.0769 B3 G 350,000.00 2,363.64 148.0769 B4 H 200,000.00 1,258.56 158.9118 B5 I 450,000.00 2,718.49 165.5331 B6 J 325,000.00 1,963.35 165.5331 C1(Base) I 150,000.00 830.12 180.6965 C2 B 225,000.00 1,245.18 180.6965
21,859.86
Series Total Invt Total No of Share
B2 Share Holder F 200,000.00 1,350.65 B3 Share Holder G 350,000.00 2,363.64
B2 Series Share Capital 148,076.90 Redemption rese 54,120.15 To Redemption Payable 183,654.05 To Investment Manager 18,543.00
202,197.05 202,197.05
B2 51,923.10 B3 53,846.20
Initial Subscription
Shares purchased
Subscription NAV
Name of the Investor
Series NAV Calculation
Period 8 - Redemption of shares in two different series based on number of shares
Opening GNAV Opening P&L
185,042.35 - 185,042.35 185.0424 85,042.35 660,865.54 - 660,865.54 185.0424 155,165.10 330,432.77 - 330,432.77 185.0424 77,582.55 198,259.66 - 198,259.66 185.0424 46,549.53 499,854.67 - - 499,854.67 185.0423 95,253.03 249,927.33 - 249,927.33 185.0423 47,626.52 437,372.83 - 437,372.83 185.0423 83,346.40 232,886.83 - 232,886.83 185.0423 31,131.15 503,035.56 - 503,035.56 185.0423 50,143.28 363,303.46 - 363,303.46 185.0423 36,214.59 153,607.59 - 153,607.59 185.0424 3,010.68 230,411.39 - 230,411.39 185.0424 4,516.02
4,045,000.00 - - 4,045,000.00 715,581.19
Invt. (USD) NAV-Invt. No. Of Shares Gross NAV Perf. Fees AMOUNT
148,076.90 148.0769 1000 202.1971 18,543.00 183,654.05 296,153.80 148.0769 2000 202.1971 32,451.00 371,943.10
B3 Series Share Capital 296,153.80 Share Capital 444,230.70 Redemption reser 108,240.30 Redemption rese 162,360.45 To Redemption Payable 371,943.10 To Redemption Payable To Investment Manager 32,451.00 To Investment Manager
404,394.10 404,394.10 606,591.15
Beginning capital
Subscription for the month
Redemption for the month
Equity+Cont-Red
Series NAV Calculation
Capital % Gross P& L Mgt Fee P&L Allocated Cumulative P&L
- 4.57% 17,154.73 - 17,154.73 102,197.08 - 16.34% 61,266.89 1,101.44 60,165.45 215,330.55 - 8.17% 30,633.45 550.72 30,082.72 107,665.27 - 4.90% 18,380.07 330.43 18,049.63 64,599.16 28,028.00 12.36% 46,340.05 1,041.36 45,298.69 140,551.72 14,013.00 6.18% 23,170.02 520.68 22,649.34 70,275.86 24,524.00 10.81% 40,547.54 911.19 39,636.35 122,982.75 9,896.00 5.76% 21,590.25 485.18 21,105.07 52,236.22 10,633.54 12.44% 46,634.94 1,047.99 45,586.95 95,730.23 7,679.78 8.98% 33,680.79 756.88 32,923.91 69,138.50 3,247.07 3.80% 14,240.51 320.02 13,920.49 16,931.17 5,041.26 5.70% 21,360.76 480.02 20,880.74 25,396.76
103,062.65 100% 375,000.00 7,545.93 367,454.07 1,083,035.26
Profit / Loss
35,577.15 - 75,789.30
555,597.15 50,994.00 606,591.15
Opening Incentive Fee
Series NAV Calculation
Hurdle Rate 5% Hurdle Amount HWM
0 0 17,154.73 0 - 0 0 60,165.45 0 - 0 0 30,082.72 0 - 0 0 18,049.63 0 - 0 0 45,298.69 0 9,060.00
- - 22,649.34 0 4,530.00 - - 39,636.35 0 7,927.00
0.417% 970.36 20,134.71 0 4,027.00 0.417% 2,095.98 43,490.97 165.53 Yes 8,698.19 0.417% 1,513.76 31,410.14 165.53 Yes 6,282.03 0.417% 640.03 13,280.46 180.70 Yes 2,656.09 0.000% - 20,880.74 180.70 Yes 4,176.15
0.02 5,220.14 362,233.93 692.46 - 47,356.46
Performance Profit to Cal IncentiveFee
HWM applicability
Incentive Fee Allocation for
the month
Series NAV Calculation
Gross NAV Net NAV Gross % Net %
- 202,197.08 202,197.08 202.1971 202.1971 9.27% 9.27% - 722,132.44 721,030.99 202.1971 201.8887 9.27% 9.10% - 361,066.22 360,515.50 202.1971 201.8887 9.27% 9.10% - 216,639.73 216,309.30 202.1971 201.8887 9.27% 9.10% 37,088.00 546,194.72 536,093.35 202.1971 198.4576 9.27% 7.25% 18,543.00 273,097.36 268,046.68 202.1971 198.4576 9.27% 7.25% 32,451.00 477,920.38 469,082.18 202.1971 198.4578 9.27% 7.25% 13,923.00 254,477.08 249,964.90 202.1971 198.6119 9.27% 7.33% 19,331.73 549,670.50 539,924.32 202.1970 198.6119 9.27% 7.33% 13,961.81 396,984.25 389,945.34 202.1970 198.6119 9.27% 7.33% 5,903.16 167,848.10 164,872.00 202.1971 198.6120 9.27% 7.33% 9,217.41 251,772.15 247,115.98 202.1971 198.4577 9.27% 7.25%
150,419.11 4,420,000.00 4,365,097.61
Cumulative Incentive Fee
Closing Gross Equity
Closing Net Equity
Series NAV Calculation
GP - No Perf fee, mgt fee, hurdle rate, HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee & No Perf fee, hurdle rate & HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, Perf fee & No Hurdle rate, HWMWith Mgt fee, perf fee, hurdle rate & No HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, hurdle rate & HWMWith Mgt fee, perf fee, HWM & No Hurdle rate
Series NAV Calculation
Period 9 - Aplicability of Redemption Fee
ExerciseShareholder I redeems 830.12 in C1 series. Redemption fee of 2% charged if the shares are redeemed before 3 months from the date of subscriotion as per the PPMThe Fund has a loss of $ 100,000
Series Shareholder
0 (Base) A (GP) 100,000.00 1,000.00 100.0000 A1 B 500,000.00 3,571.43 140.0000 A2 C 250,000.00 1,785.71 140.0000 A3 D 150,000.00 1,071.43 140.0000 B1(Base) E 400,000.00 2,701.30 148.0769 B2 F 51,923.10 350.65 148.0769 B3 G 53,846.20 363.64 148.0769 B4 H 200,000.00 1,258.56 158.9118 B5 I 450,000.00 2,718.49 165.5331 B6 J 325,000.00 1,963.35 165.5331 C1(Base) I 150,000.00 830.12 180.6965 C2 B 225,000.00 1,245.18 180.6965
18,859.86
Series Invt. (USD) NAV-Invt.
C1 I 150,000.00 180.6965
Share Capital 150,000.00 Redemption rese 13,446.58 To Redemption Payable 157,574.68 To Investment Manager 2,656.09 To Redemption Fee 3,215.81
163,446.58 163,446.58
Initial Subscription
Shares purchased
Subscription NAV
Name of the Investor
Series NAV Calculation
Shareholder I redeems 830.12 in C1 series. Redemption fee of 2% charged if the shares are redeemed before 3 months from the date of subscriotion as per the PPM
Opening GNAV Opening P&L
202,197.08 - 202,197.08 202.1971 102,197.08 722,132.44 - 722,132.44 202.1971 215,330.55 361,066.22 - 361,066.22 202.1971 107,665.27 216,639.73 - 216,639.73 202.1971 64,599.16 546,194.72 - - 546,194.72 202.1971 140,551.72 273,097.36 - 202,197.05 70,900.31 202.1971 70,275.86 477,920.38 - 404,394.10 73,526.27 202.1971 122,982.75 254,477.08 - 254,477.08 202.1971 52,236.22 549,670.50 - 549,670.50 202.1970 95,730.23 396,984.25 - 396,984.25 202.1970 69,138.50 167,848.10 - 167,848.10 202.1971 16,931.17 251,772.15 - 251,772.15 202.1971 25,396.76
4,420,000.00 - 606,591.15 3,813,408.85 1,083,035.26
No. Of Shares Gross NAV Perf. Fees AMOUNT Redemption fee Redemption Amou
830.12 196.8948 2,656.09 160,790.49 2% 3,215.81
Beginning capital
Subscription for the month
Redemption for the month
Equity+Cont-Red
Series NAV Calculation
Capital % Gross P& L Mgt Fee P&L Allocated Cumulative P&L
- 5.30% (5,302.27) - (5,302.27) 96,894.82 - 18.94% (18,936.66) 1,203.55 (20,140.22) 195,190.33 - 9.47% (9,468.33) 601.78 (10,070.11) 97,595.16 - 5.68% (5,681.00) 361.07 (6,042.07) 58,557.10 37,088.00 14.32% (14,323.00) 1,137.91 (15,460.91) 125,090.81 18,543.00 1.86% (1,859.24) 568.95 (2,428.19) 67,847.67 32,451.00 1.93% (1,928.10) 995.67 (2,923.77) 120,058.99 13,923.00 6.67% (6,673.22) 530.16 (7,203.38) 45,032.84 8,698.19 14.41% (14,414.15) 1,145.15 (15,559.30) 80,170.93 6,282.03 10.41% (10,410.22) 827.05 (11,237.27) 57,901.23 2,656.09 4.40% (4,401.52) 349.68 (4,751.21) 12,179.96 4,176.15 6.60% (6,602.29) 524.53 (7,126.81) 18,269.95
123,817.46 100% (100,000.00) 8,245.49 (108,245.49) 974,789.77
Net Redemption Profit / Loss
157,574.68 7,574.68
Opening Incentive Fee
Series NAV Calculation
Hurdle Rate 5% Hurdle Amount HWM -
0 0 (5,302.27) 0 - 0 0 (20,140.22) 0 - 0 0 (10,070.11) 0 - 0 0 (6,042.07) 0 - 0 0 (15,460.91) 0 -
- - (2,428.19) 0 - - - (2,923.77) 0 -
0.417% 1,060.32 (8,263.70) 0 - 0.417% 2,290.29 (17,849.59) 165.53 Yes - 0.417% 1,654.10 (12,891.37) 165.53 Yes - 0.417% 699.37 (5,450.57) 180.70 Yes - 0.000% - (7,126.81) 180.70 Yes -
0.02 5,704.08 (113,949.57) 692.46 - -
Performance Profit to Cal IncentiveFee
HWM applicability
Incentive Fee Allocation for
the month
Series NAV Calculation
Gross NAV Net NAV Gross % Net %
- 196,894.82 196,894.82 196.8948 196.8948 -2.62% -2.62% - 703,195.77 701,992.22 196.8948 196.5578 -2.62% -2.79% - 351,597.89 350,996.11 196.8948 196.5578 -2.62% -2.79% - 210,958.73 210,597.67 196.8948 196.5578 -2.62% -2.79% 37,088.00 531,871.71 530,733.81 196.8948 196.4735 -2.62% -2.83% 18,543.00 69,041.07 68,472.12 196.8948 195.2722 -2.62% -3.42% 32,451.00 71,598.18 70,602.51 196.8948 194.1567 -2.62% -3.98% 13,923.00 247,803.87 247,273.70 196.8948 196.4735 -2.62% -2.83% 8,698.19 535,256.35 534,111.20 196.8948 196.4735 -2.62% -2.83% 6,282.03 386,574.03 385,746.98 196.8948 196.4735 -2.62% -2.83% 2,656.09 163,446.58 163,096.89 196.8948 196.4736 -2.62% -2.83% 4,176.15 245,169.87 244,645.34 196.8948 196.4736 -2.62% -2.83%
123,817.46 3,713,408.85 3,705,163.36
Cumulative Incentive Fee
Closing Gross Equity
Closing Net Equity
Series NAV Calculation
Series NAV Calculation
Period 10 - Redemption of shares based on amount provided by shareholder and clubbing of series
ExerciseShareholder J redeems $ 200,000 in B6 series.The Fund earns profit of $ 135,000
Class & Ser Shareholder
0 (Base) A (GP) 100,000.00 1,000.00 100.0000 A1 B 500,000.00 3,571.43 140.0000 A2 C 250,000.00 1,785.71 140.0000 A3 D 150,000.00 1,071.43 140.0000 B1 E 200,000.00 2,701.30 148.0769 B2 F 51,923.10 350.65 148.0769 B3 G 53,846.20 363.64 148.0769 B4 H 200,000.00 1,258.56 158.9118 B5 I 450,000.00 2,718.49 165.5331 B6 J 325,000.00 1,963.35 165.5331 C2 B 225,000.00 1,245.18 180.6965
18,029.74
Series Invt. (USD) NAV-Invt.
B6 Share Holder J 200,000.00 1,963.3536
Share Capital 200,000.00 To Redemption Payable 200,000.00
After Clubbing of Series
Class & Ser Shareholder
0 (Base) A (GP) 100,000.00 1,000.00 100.0000 A1 B 500,000.00 3,571.43 140.0000 A2 C 250,000.00 1,785.71 140.0000 A3 D 150,000.00 1,071.43 140.0000 B1 E 200,000.00 2,701.30 148.0769 B2 F 51,923.10 350.65 148.0769 B3 G 53,846.20 363.64 148.0769
Initial Subscription
Shares purchased
Subscription NAV
Name of the Investor
Initial Subscription
Shares added/reduced on Equalization
Subscription NAV
Series NAV Calculation B4 H 200,000.00 1,259.58 158.9118 B5 I 450,000.00 2,720.69 165.5331 B6 J 125,000.00 977.57 165.5331 C2 B 225,000.00 1,245.18 180.6965
17,047.18
Series NAV Calculation
Period 10 - Redemption of shares based on amount provided by shareholder and clubbing of series
Opening GNAV Opening P&L
196,894.82 - 196,894.82 196.8948 96,894.82 703,195.77 - 703,195.77 196.8948 195,190.33 351,597.89 - 351,597.89 196.8948 97,595.16 210,958.73 - 210,958.73 196.8948 58,557.10 531,871.71 - - 531,871.71 196.8948 125,090.81 69,041.07 - - 69,041.07 196.8948 67,847.67 71,598.18 - - 71,598.18 196.8948 120,058.99 247,803.87 - 247,803.87 196.8948 45,032.84 535,256.35 - 535,256.35 196.8948 80,170.93 386,574.03 - 386,574.03 196.8948 57,901.23 245,169.87 - 245,169.87 196.8948 18,269.95
3,549,962.27 - - 3,549,962.27 962,609.81
No. Of Shares Net NAV Perf. Fees AMOUNT
986.58 202.7208 - 200,000.00
Opening GNAV Opening P&L
204,382.44 - 204,382.44 204.3824 - 728,765.31 - 728,765.31 204.0543 - 364,382.66 - 364,382.66 204.0543 - 218,629.59 - 218,629.59 204.0543 - 547,165.97 - - 547,165.97 202.5566 - 71,026.77 - - 71,026.77 202.5566 - 73,656.79 - - 73,656.79 202.5566 -
Beginning capital
Subscription for the month
Redemption for the month
Equity+Cont-Red
Beginning capital
Subscription for the month
Redemption for the month
Equity+Cont-Red
Series NAV Calculation 255,136.23 - 255,136.23 202.5566 - 551,094.33 - 551,094.33 202.5566 - 398,012.58 - 200,000.00 198,012.58 202.5566 - 252,220.02 - 252,220.02 202.5568 -
3,664,472.68 - 200,000.00 3,464,472.68 -
Series NAV Calculation
Capital % Gross P& L Mgt Fee P&L Allocated Cumulative P&L
- 5.55% 7,487.63 - 7,487.63 104,382.44 - 19.81% 26,741.53 1,171.99 25,569.54 220,759.87 - 9.90% 13,370.77 586.00 12,784.77 110,379.93 - 5.94% 8,022.46 351.60 7,670.86 66,227.96 37,088.00 14.98% 20,226.32 1,108.07 19,118.26 144,209.06 18,543.00 1.94% 2,625.53 143.84 2,481.70 70,329.37 32,451.00 2.02% 2,722.78 149.16 2,573.61 122,632.60 13,923.00 6.98% 9,423.63 516.26 8,907.37 53,940.21 8,698.19 15.08% 20,355.04 1,115.12 19,239.92 99,410.85 6,282.03 10.89% 14,700.86 805.36 13,895.50 71,796.72 4,176.15 6.91% 9,323.46 510.77 8,812.69 27,082.63
121,161.37 100% 135,000.00 6,458.16 128,541.84 1,091,151.65
Capital % Gross P& L Mgt Fee P&L Allocated Cumulative P&L
- 5.90% - - - - - 21.04% - 1,214.61 (1,214.61) (1,214.61) - 10.52% - 607.30 (607.30) (607.30) - 6.31% - 364.38 (364.38) (364.38) - 15.79% - 1,139.93 (1,139.93) (1,139.93) - 2.05% - 147.97 (147.97) (147.97) - 2.13% - 153.45 (153.45) (153.45)
Opening Incentive Fee
Opening Incentive Fee
Series NAV Calculation - 7.36% - 531.53 (531.53) (531.53) - 15.91% - 1,148.11 (1,148.11) (1,148.11) - 5.72% - 829.19 (829.19) (829.19) - 7.28% - 525.46 (525.46) (525.46)
- 100% - 6,661.95 (6,661.95) (6,661.95)
Series NAV Calculation
Hurdle Rate 5% Hurdle Amount HWM -
0 0 7,487.63 0 - 0 0 25,569.54 0 - 0 0 12,784.77 0 - 0 0 7,670.86 0 - 0 0 19,118.26 0 3,824.00
- - 2,481.70 0 496.00 - - 2,573.61 0 515.00
0.417% 1,032.52 7,874.85 0 1,575.00 0.417% 2,230.23 17,009.68 165.53 Yes 3,401.94 0.417% 1,610.73 12,284.77 165.53 Yes 2,456.95 0.000% - 8,812.69 180.70 Yes 1,762.54
0.01 4,873.48 123,668.36 511.76 - 14,031.43
Hurdle Rate 5% Hurdle Amount HWM -
0 0 - 204.38 - 0 0 (1,214.61) 204.05 - 0 0 (607.30) 204.05 - 0 0 (364.38) 204.05 - 0 0 (1,139.93) 202.56 -
- - (147.97) 202.56 - - - (153.45) 202.56 -
Performance Profit to Cal IncentiveFee
HWM applicability
Incentive Fee Allocation for
the month
Performance Profit to Cal IncentiveFee
HWM applicability
Incentive Fee Allocation for
the month
Series NAV Calculation 0.417% 1,063.07 (1,594.60) 202.56 - 0.417% 2,296.23 (3,444.34) 202.56 No - 0.417% 1,658.39 (2,487.58) 202.56 No - 0.000% - (525.46) 202.56 No -
0.01 5,017.68 (11,679.63) 2,234.44 - -
Series NAV Calculation
Gross NAV Net NAV Gross % Net %
- 204,382.44 204,382.44 204.3824 204.3824 3.80% 3.80% - 729,937.30 728,765.31 204.3824 204.0543 3.80% 3.64% - 364,968.65 364,382.66 204.3824 204.0543 3.80% 3.64% - 218,981.19 218,629.59 204.3824 204.0543 3.80% 3.64% 40,912.00 552,098.03 547,165.97 204.3824 202.5566 3.80% 2.88% 19,039.00 71,666.60 71,026.77 204.3824 202.5577 3.80% 2.88% 32,966.00 74,320.95 73,656.79 204.3824 202.5560 3.80% 2.88% 15,498.00 257,227.49 255,136.23 204.3824 202.7208 3.80% 2.96% 12,100.13 555,611.38 551,094.33 204.3824 202.7208 3.80% 2.96% 8,738.98 401,274.89 398,012.58 204.3824 202.7208 3.80% 2.96% 5,938.69 254,493.33 252,220.02 204.3825 202.5568 3.80% 2.88%
135,192.80 3,684,962.27 3,664,472.68
Gross NAV Net NAV Gross % Net %
- 204,382.44 204,382.44 204.3824 204.3824 0.00% 0.00% - 728,765.31 727,550.70 204.0543 203.7142 0.00% -0.17% - 364,382.66 363,775.35 204.0543 203.7142 0.00% -0.17% - 218,629.59 218,265.21 204.0543 203.7142 0.00% -0.17% - 547,165.97 546,026.04 202.5566 202.1346 0.00% -0.21% - 71,026.77 70,878.80 202.5566 202.1346 0.00% -0.21% - 73,656.79 73,503.34 202.5566 202.1346 0.00% -0.21%
Cumulative Incentive
FeeClosing Gross
EquityClosing Net
Equity
Cumulative Incentive
FeeClosing Gross
EquityClosing Net
Equity
Series NAV Calculation - 255,136.23 254,604.70 202.5566 202.1346 0.00% -0.21% - 551,094.33 549,946.21 202.5566 202.1346 0.00% -0.21% - 198,012.58 197,183.38 202.5566 201.7084 0.00% -0.42% - 252,220.02 251,694.56 202.5568 202.1348 0.00% -0.21%
- 3,464,472.68 3,457,810.73
Series NAV Calculation
Clubbing of Series
NET Equity NEW HWM
204,382.44 204.3824 1,000.00 204.3824 728,765.31 204.0543 3,571.43 204.0543 364,382.66 204.0543 1,785.71 204.0543 218,629.59 204.0543 1,071.43 204.0543 547,165.97 202.5566 2,701.30 202.5566 71,026.77 202.5566 350.65 202.5566 73,656.79 202.5566 363.64 202.5566 255,136.23 202.5566 1,259.58 202.5566 551,094.33 202.5566 2,720.69 202.5566 198,012.58 202.5566 977.57 202.5566 252,220.02 202.5568 1,245.18 202.5568
NAV PER UNIT
NEW NUMBER OF
SHARES