Performance fee is calculated on a 6 month basis of 10% pa....

Performance fee is calculated on a 6 month basis of 10% pa. Looks like this means it needs a 5% increase in a 6 month period to qualify for the performance fee. As the first period was 11 Oct - 31 Dec, the NAV needed to increase only approx 2.25% in this period, and then they can take 10% of the gain above this for the performance fee.