High Watermark means the highest closing Net Asset Value per Share on which a Performance Fee was paid for all the previous periods since inception or the initial offer price in the case of the first Calculation Period.
High Watermark means, for each relevant Share Class, the highest NAV attained by that Share Class being either the (i) Initial Offer Price; or (ii) the NAV on any subsequent December 31st in relation to which a performance fee was crystallised and paid. When a subscription is made, the High Watermark is adjusted upwards by the amount of the subscription for that Share Class, when a redemption is made, the High Watermark is adjusted downwards by the amount of the change in NAV for that Share Class and when a distribution is made, the High Watermark is adjusted downwards by the amount of the distribution for that Share Class.
High Watermark means an amount initially equal to zero as of the February 1, 2013 effective date of the Existing Management Agreement, as adjusted pursuant to the terms thereof and as the same may be further adjusted as provided herein. If in any fiscal quarter the product of the Equity Amount and the lesser of the Xxxxxx Xxx MBS Yield and 8% exceeds the Return, the High Watermark shall be increased by the amount of such excess (the “High Watermark Rise”), and thereafter, the High Watermark shall be adjusted each fiscal quarter as follows: (a) if there is a High Watermark Rise for such fiscal quarter, the High Watermark shall be increased by the amount of such High Watermark Rise and (b) if the Return exceeds the product of the Equity Amount and the lesser of the Xxxxxx Mae MBS Yield and 8% for such fiscal quarter, the High Watermark shall be decreased by the amount of such excess; provided that if in any fiscal quarter the Incentive Fee is greater than or equal to zero, the High Watermark shall be reset to zero.
Examples of High Watermark in a sentence
Where no Performance Fee was payable during this period, the net asset value per share at the end of the performance period three years previously will be taken as the High Watermark.
The Performance Fee shall be calculated on the basis of the "High Watermark Principle" ("HWM Principle") and/or the "Hurdle Rate Principle".
In deviation of the foregoing, every time a new or existing Participant subscribes with a Subscription Amount of EUR 1,000,000 or more, the Performance Fee payable by that Participant shall equal 15% in respect of the Participation relating to such Subscription, All other information set out above (including the information relating to the method of calculation, the Hurdle Rate and the High Watermark) remains unchanged.
A redemption from an investor may trigger a performance fee payment in case the Net Asset Value at redemption exceeds the High Watermark.
Calculation of the Performance Fee and the necessary provisioning takes place on a daily basis.If, on the Calculation Date, the unswung Net Asset Value of a Share Class is above the Hurdle-Rate-Index-Value and is greater than the preceding unswung Net Asset Values (prior to deduction of the Performance Fee), a Performance Fee of 10% shall be deducted on the difference between the unswung Net Asset Value of the Share Class and the greater value between Hurdle-Rate-Index-Value and High Watermark.
More Definitions of High Watermark
High Watermark means a benchmark the highest increase of the Value of the Client’s Portfolio, used by the Portfolio Manager to set requirements for the Performance Fee. Hurdle Rate means the reference rate of return on your portfolio under the Agreement on which no Portfolio Management Fee is charged.
High Watermark means the Net Asset Value per Share (after deduction for any Performance Fee) as of such Dealing Day when a Performance Fee was paid last time, provided that the High Watermark may be adjusted at year end to take into account the reduction of the amount of Performance Fee paid due to the Sub-fund Charge Cap.
High Watermark means the Net Asset Value per Share (after deduction for any Performance Fee) as of such Dealing Day when a new Performance Fee was crystalized last time. When the aggregate Performance Fee, together with all other applicable fees and charges, as calculated on each Dealing Day, exceeds the Share Class Charge Cap, the Performance Fee shall be reduced in such amount in order not to exceed, when aggregated with all other applicable fees and charges, the Share Class Charge Cap and only such reduced amount of Performance Fee shall be crystalized on the relevant Dealing Day. Any change to the Performance Fee rate or basis on which it is calculated will require prior notice to be given to Shareholders of the relevant Sub-fund of no less than 60 days before the new rate or basis may commence. The prospectus will be revised at such time. When is a Performance Fee payable? The ACD will generally only be entitled to be paid a Performance Fee if the Gross Asset Value per Share is greater than the Base Asset Value per Share. Since the Base Asset Value per Share must be exceeded for a Performance Fee to be payable, no new Performance Fee will be payable where the NAV development is flat or negative. The Performance Fee is calculated on the basis of the Gross Asset Value per Share and therefore will be based on net realised and net unrealised gains and losses. As a result, Performance Fees may be paid on unrealised gains which may subsequently not be realised. The Performance Fee payable to the ACD is capped so that all applicable fees and charges payable by the Sub-fund do not exceed the Share Class Charge Cap.Once a Performance Fee has been crystalized, any subsequent underperformance will not result in any Performance Fee previously crystalized being cancelled or repayable to the Company or the respective Sub-fund. The Performance Fee will be paid to the ACD by the Company annually. What is the value of the performance fee? The Performance Fee is calculated as a percentage of the amount by which the Gross Asset Value per Share exceeds the Base Asset Value per Share multiplied by the number of Shares in issue. It is important to note that as the Performance Fee depends on the out-performance over and above the Base Asset Value per Share, there is, in the absence of any charge cap, in effect no maximum Performance Fee that could be paid, particularly as it is impossible to quantify any out-performance in advance. While the ACD is entitled to 10% of the out-performance, ...
High Watermark means, at any time, the higher of: (i) the Issuance Price, and (ii) the closing NAV per Share registered in the last period in which the Return of the Financial Instruments was paid (excluding the effect of any other issuance during the relevant period).
High Watermark. ’ means the Performance Share Price in respect of the last Accounting Period in respect of which a Performance Fee was payable by the Company;
High Watermark means an amount initially equal to zero. If in any fiscal quarter the product of the Equity Amount and the lesser of the Xxxxxx Xxx MBS Yield and 8% exceeds the Return, the High Watermark shall be increased by the amount of such excess (the “High Watermark Rise”), and thereafter, the High Watermark shall be adjusted each fiscal quarter as follows: (a) if there is a High Watermark Rise for such fiscal quarter, the High Watermark shall be increased by the amount of such High Watermark Rise and (b) if the Return exceeds the product of the Equity Amount and the lesser of the Xxxxxx Mae MBS Yield and 8% for such fiscal quarter, the High Watermark shall be decreased by the amount of such excess; provided that if in any fiscal quarter the Incentive Fee is greater than or equal to zero, the High Watermark shall be reset to zero.
High Watermark means the highest value that the Portfolio has reached. Value of the Portfolio for the purpose of computation of high watermark shall be considered to be the value on the date when performance fee is charged. The frequency of chargingperformance fee shall not be less than quarterly or at the time of exit, whichever is earlier. The Portfolio Manager shall charge performance fee only on the increase in Portfolio value in excess of the previously achieved high watermark.