Fees
White Whale Fund charges an annual management fee billed monthly, and an annual success fee charged only on profit above each investor's personal high-water mark. If returns are negative, the success fee is zero.
Annual / charged monthly
2%annual
Charged at the start of each month at one twelfth of the annual rate, applied to the investor's current equity. The monthly charge appears as a fee_mgmt transaction in the dashboard.
Annual / charged at year end
20%of profit above HWM
Charged on the last day of the calendar year on profit above the investor's high-water mark. If the year closes below the HWM — or below the starting equity — the success fee is zero.
No success fee is charged when the period return is negative.
High-water mark
Every investor has their own individual high-water mark. If you enter mid-year, your success fee at year end is calculated only on the gain since your personal entry — not on the fund's aggregate performance.
The HWM is adjusted by net contributions (deposits minus withdrawals), so a success fee is only ever charged on profit above the highest historical equity mark for that investor.
Worked example
Deposit: $100,000 in Year 1. HWM starts at $100,000.
Equity closes at $115,000 — profit of $15,000. Success fee = $15,000 × 20% = $3,000. New HWM = $115,000.
Equity drops to $110,000 — below the HWM. No profit above the high-water mark, so the success fee is zero.
Equity recovers to $120,000. Only the $5,000 above the prior HWM ($115,000) is fee-eligible. Success fee = $1,000. New HWM = $120,000.
