Notes:

• Management Fee is assumed to be charged annually in the illustration. However, it can be charged at any frequency (Daily, Monthly, Quarterly, Semi-annually, Annually) as defined in the PMS agreement and permitted under SEBI regulations.
• Management Fee can be based on Average portfolio value or closing portfolio value, or other methods as defined in the PMS agreement.
• Returns are assumed to be generated linearly throughout the year.
• Other Expenses include Account Opening charges, stamp duty, Audit Fee, Bank charges, Fund Accounting charges, Custody Fee, demat charges, or other miscellaneous expenses.
• Brokerage and transaction costs are illustrated based on Average AUM but are charged on actual trades.
• All Fees and charges are subject to GST.
• High Water Mark for the 1st Year is the Capital invested. For subsequent years, it is the year-end closing value after all charges and fees, unless otherwise defined in the PMS agreement.
• Hurdle Rate is calculated based on the Higher of (HWM or previous year closing capital), but may differ as per the PMS agreement.
• Hurdle Rate is prorated if the performance fee period is less than 1 year or if there are inflows/outflows from the portfolio.
• This illustration shows High Water Mark carry forward scenarios for fair treatment of the investor.
• This is a generic illustration; each portfolio manager may modify it as per their PMS agreement terms and conditions.
• Portfolio Managers should also refer to the illustrations in Annexure 4A of the Master Circular for Portfolio Managers dated June 07, 2024.