Fee switches model additional deductions on the source return, not actual investor net NAV or a verified gross return. Already-paid, unidentified manager fees remain embedded and cannot be grossed up. Do not use the scenario as a payable.

After fees: SAT takes 25% of each SAT account's value above its net contributed. Robuxio then takes 30% of what the whole Robuxio investment, after SAT's cut, holds above its net contributed. Neither has billed a performance fee, so both HWMs are simply what we put in, moving with deposits and withdrawals. A fee owed is a liability today: the after-fees line sits below the before-fees line by exactly what would be owed, and matches it when nothing is. SFOX managers: 30% of each account above its own net contributed, in its own unit, on the same no-reset basis. On the Fund line, Continuum's 3% a year is also taken, prorated daily. Octave fee terms are not applied. Changing the chart period does not reset anything.

Paid fees and expense withdrawals reduce custody balances. The 1% expense cap is a ceiling, not an automatic extra fee. Unpaid accruals, cap releases and deferred reimbursements require the administrator ledger; this view does not subtract them again.

Missing observations are unavailable, never zero. Common-coverage history begins only when every included account is observed. Owned-account return history begins only where the balances and capital movements can be reconciled. Unknown transfers break performance coverage. Matrixport and banks are outside connected custody. Historical statement values are shown separately and are not added to live totals.