المدربEqualisation is the set of adjustments, or the practice of issuing a separate series of shares for each subscription date, by which each investor in a pooled fund pays performance fees on the gains of its own investment, measured from its own entry price.
أمثلة
Example 4.7 (The free ride)
Investor A subscribes 100 at a net asset value of 1.00. The fund falls 10%; investor B subscribes 100 at 0.90. The fund then rises to 1.05. With one pooled share price and one high-water mark at 1.00, the fund charges 20% of the 0.05 per share above the mark: A pays 1.00, B pays 1.11. B’s own gain was from 0.90 to 1.05; with series accounting B pays 3.33. Without equalisation B rode free on 2.22 of performance fee that A’s loss had created. The opposite case, an investor who buys above the mark and pays on gains that are not his, is as unfair and as common.