1.The schedule
| Fee | Rate | Paid to | Basis |
|---|---|---|---|
| Platform custody | 0.10% | Orbit | Per year, accrued daily on NAV |
| Vault management | 0.25–1.20% | Vault manager | Per year, accrued daily on NAV |
| Performance | 0–20% | Vault manager | Quarterly, on gains above the high-water mark |
| Manager profit share | 8–22% | Vault manager | Quarterly, positive periods only |
| Redemption | 0–0.30% | Remaining vault holders | One-off, at redemption |
| Network fee | At cost | The network | Per deposit and redemption |
- Platform custody
- Covers account segregation, reconciliation and the verification desk. Charged whether the vault gains or loses.
- Vault management
- Set by the manager and printed on each vault's terms card. Unrelated to performance.
- Performance
- Only charged when NAV is above your high-water mark. Losses must be earned back before it applies again.
- Manager profit share
- Some vaults use a profit share instead of a performance fee; never both. A profit share does not share losses.
- Redemption
- Offsets the trading cost your exit imposes, so it goes to the holders who stay, not to the manager.
- Network fee
- Gas on deposits and redemptions is passed through at cost. Orbit adds no markup.
2.One year, worked out
Deposit $10,000 into a vault charging 1.00% management, 20% performance and 0.10% on redemption. Hold it for a full year in which the book returns +18.0% gross, then redeem in full. Running fees accrue on the average of the opening and gross-closing NAV.
| Deposit | $10,000.00 |
| Gross trading result+18.0% | +$1,800.00 |
| Vault management fee | −$109.00 |
| Platform custody fee | −$10.90 |
| Performance fee | −$336.02 |
| Redemption fee | −$11.34 |
| Net to you at redemption | $11,332.74 |
In a losing year the same vault charges no performance fee, but management and custody still accrue: the drag does not go away. This is an illustration, not any vault's actual result.
3.How the high-water mark works
The high-water mark is yours, not the vault's. It remembers the highest NAV your units have reached, and the manager can only charge a performance fee on what sits above that line.
| Period | NAV | High-water mark | Performance fee |
|---|---|---|---|
| Q1 · up | 112 | 100 → 112 | on 12 |
| Q2 · down | 104 | 112 | — |
| Q3 · recovering | 110 | 112 | — |
| Q4 · new high | 118 | 112 → 118 | on 6 |
After the second period's loss the manager earns nothing until NAV passes 112 again, and in the third period the fee applies only to the 6 points above it. Two holders who deposited at different times carry different marks.
4.When each fee is taken
| Fee | Accrues | Deducted | Shown in |
|---|---|---|---|
| Platform custody | Daily | Monthly, from NAV | Statement, activity record |
| Vault management | Daily | Monthly, from NAV | Statement, activity record |
| Performance | Daily, above the mark | Quarter end, and on redemption | Statement, vault terms card |
| Manager profit share | Per positive period | Quarter end | Statement, vault terms card |
| Redemption | Not accrued | At redemption, from proceeds | Redemption confirmation |
| Network fee | Not accrued | Per transfer, at cost | Transfer record |
Every fee is already inside the NAV you see; nothing is billed to you separately. The activity record in your portfolio lists each deduction line by line.
5.What we do not charge
- A deposit or subscription fee
- Monthly account, inactivity or minimum-balance fees
- An FX or quote-spread markup
- A withdrawal fee to your own wallet, beyond network cost
- Any Orbit cut of a vault's performance fee
6.Agent subscriptions are separate
Everything above belongs to the vault and to custody. The Orbit Agent — quotes, screening, portfolio analysis and rebalance execution — is a separate subscription metered in credits, and it gives you no share of any vault's result.
Related documents: Risk disclosure · Terms of use · Help