With latest November performance data from Barclay, which shows:
Lighthouse Diversified Fund, L.P. YTD 16.47%
Lighthouse Diversified Fund Limited YTD 18.73% and
Lighthouse Global Long/Short Fund Ltd. YTD 9.22%
My rough estimate is that the majority of the 60% of the HFA AUM (diverisfied fund and l/s fund) are very close to the high water mark and may even have exceeded the high water mark by up to 5% (maximium).
While the most optimistic outcome is HFA will have $15m performance fee (60% * 5% * 10% * 6000 = $18m) in second half of 2009 on top of the fixed management fee, the more likely outcome would be around $8m, compared to just under $1m performance fee in FY09 and $9m in FY08.
Just my thoughts.
high water mark and performance fee
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