Why this shape — No clip on each ticket — economics flow through NAV. Read together with NAV & valuation.

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Illustrative performance path

If NAV/share starts at 1.000 USDC with HWM 1.000:
Mgmt fee dilution is orthogonal — look at headline NAV curves, not this toy table.

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High-water mark & quarterly reset

20% performance fee applies only above the vault-global HWM (NAV/share). HWM resets quarterly — first Monday settlement on or after 6 Jan · 6 Apr · 6 Jul · 6 Oct UTC (Epoch & Settlement). Live HWM: Vault Details.
Between resets — Perf fee applies only on gains above the current HWM at each weekly settlement. After a quarterly reset, the hurdle re-anchors to that close’s NAV/share.

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Investor return (reminder)