For Investors

Fees
calculator.

This calculator shows how fees are worked out on a PMS account at Marathon Trends Advisory Private Limited — every head of charge on its own line, in the order it is deducted.

Fee structure

Enter the
fee terms.

Leave any of the three blank and it is treated as nil. The table below follows whatever you type.

Charged a year, on portfolio value after expenses.

The return you keep in full before we participate.

Of the gain above the hurdle and above the high water mark.

Note. Charges on this page are an illustration, not a quotation. The fee terms that apply to your account are the ones set out in your signed agreement and disclosure document — if the two ever differ, the agreement governs.
Illustration

How the fees
are calculated.

A worked example on an account of ₹50 lakh, with no money added or withdrawn, each year earning the return in the row you can edit. Every deduction is shown where it falls — expenses first, then the management fee, then the performance fee last.

All figures in rupees. Edit any return to re-run the illustration.
Returns Year 1Year 2Year 3Year 4Year 5
At the beginning of the year
NAV at beginning of period (A) 50,00,000 54,72,500 59,89,652 65,55,673 71,75,184
High water mark (B) 50,00,000 54,72,500 54,72,500 59,89,652 65,55,673
During the year
Return during the year Gross, before any charge. A loss is entered with a minus.
Return amount before PMS fees (C) 5,00,000 5,47,250 5,98,965 6,55,567 7,17,518
Gross value (A + C) = (D) 55,00,000 60,19,750 65,88,617 72,11,240 78,92,702
Less: contract note charges Brokerage at 0.25%, STT, stamp duty, GST and the rest. Charged as per actuals on contract notes; assumed here at 0.25% of gross value. 13,750 15,049 16,472 18,028 19,732
Gross portfolio value at end of year After contract note charges, before operating expenses. 54,86,250 60,04,701 65,72,145 71,93,212 78,72,970
Less: operating expenses Fund accounting, custody, legal and audit — the non-contract-note heads. Capped at 0.50% of AUM; assumed here at 0.25% of gross value. 13,750 15,049 16,472 18,028 19,732
Gross portfolio value at end of year After contract note charges and after operating expenses. 54,72,500 59,89,652 65,55,673 71,75,184 78,53,238
Less: fixed management fees (@ 0%) 0 0 0 0 0
Portfolio value after fixed management fees Before performance fees. 54,72,500 59,89,652 65,55,673 71,75,184 78,53,238
Less: performance fees (@ 0% after a hurdle of 0%) 0 0 0 0 0
Net value of the portfolio at end of year 54,72,500 59,89,652 65,55,673 71,75,184 78,53,238
Net return to client 9.45% 9.45% 9.45% 9.45% 9.45%
Carried into the next year
Beginning NAV for next year (A) 54,72,500 59,89,652 65,55,673 71,75,184 78,53,238
High water mark for next year (B) 54,72,500 54,72,500 59,89,652 65,55,673 71,75,184
The account is settled each year
Treat each column as though the account were closed and reopened on the same day. In reality nothing is redeemed — but the high water mark does carry forward, so a loss has to be earned back before any performance fee is charged again.
No money in or out
A contribution or a withdrawal mid-year changes every figure after it. This illustration assumes neither, which is what makes the five columns comparable.
Expenses are assumptions
Contract note charges and operating expenses are billed as actually incurred. The 0.25% and 0.25% used here are illustrative rates, not a schedule — your own will differ with turnover and custodian.
Performance fees never go below nil
A year that only recovers ground lost earlier earns no performance fee at all, however large the gain looks on its own.