The High Water Mark Calculation
| January | 01 | Account Opening | USD | 1'000'000.-- |
| January | 31 | January Statement | USD | 1'100'000.-- |
| Gross Profit | USD | 100'000.-- | ||
| Performance Fees | USD | 20'000.-- | ||
| Net Profit | USD | 80'000.-- | ||
| February | 01 | February Opening | USD | 1'080'000.-- |
| February | 28 | February Statement | USD | 1'060'000.-- |
| Loss | USD | 20'000.-- | ||
| Performance Fees | USD | 0.-- | ||
| March | 01 | March Opening | USD | 1'060'000.-- |
| March | 31 | March Statement | USD | 1'070'000.-- |
| Gross Profit | USD | 10'000.-- | ||
| Performance Fees | USD | 0.-- | ||
Even if we made a Profit of USD 10'000.-- in March
we will not charge our Performance Fees because the March Statement is inferior in regard of the February Opening.
We will take the last highest statement as the new base of calculation.