Performance fee mode with HWM

Hurdle rate and high water mark are taken into account in this mode.

Calculation formula:

Change in value * (([(1 + PerformanceseitStart) / (1 + HWM)] - 1) - HurdleRate) / Performance) * Performance fee rate * Annual share

Negative performance values are generally set to 0 in the calculation.

Please note that the remuneration rates (e.g. the VV fee) for the calculation can only be changed on the key date of the reporting frequency and not within the reporting frequency.