The demo investor account opened in December had it’s first performance fee charged to it. My Darwin “WET” had only just recovered after a drawdown but enough to be in profit and a fee to be justified. This was a modest 1.46% return and the fee is 20% of this. So $36.
Investors only pay performance fee if the Darwin is in profit and if the next quarterly watermark is higher than the last. This way the investor only pays for performance of the Darwin (Asset) Manager (Me).