WEBApr 18, 2024 · Putting aside management fees for a moment, if the fund’s benchmark is 6%, and the fund earns 6% per year for 5 years, then no performance fee is payable. The return after 5 years would be approximately 33.8%. However, if a fund achieves 10% per annum for the first 4 years, then -50% in year 5, then the total return after 5 years would be ...