PelatihA team’s payout rate is the share of its own trading profit, net of its costs and of any losses it carries forward, that is paid to the team as performance compensation.
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Example 3.6 (Two pods)
Two pods of $100 million each; one makes $10 million, the other loses $10 million. The fund’s profit is zero. At a 20% payout rate the first team receives $2 million and the second nothing: the investors pay $2 million, plus both pods’ costs, for a year in which the fund made nothing. If the losing team stays, its first $10 million of later profit earns it nothing; if it is replaced, its successor is paid from its first dollar.