I'm curious... How exactly does a fund or adviser provide monthly performance data "NET OF FEES", when fees are charged quarterly? All funds are required to provide this data in a monthly and YTD format, yet the industry standard seems to be quarterly performance fees. Assume a 20% quarterly performance fee and no administrative fees. Example Returns Jan +2% Feb +10% Mar +5% So +17.81% for the quarter before fees and 14.25% after fees. Which of the following monthly reports is correct, net of fees? #1 Jan +2% Feb +10% Mar +1.82% or #2 Jan +0.81% Feb +8.81% Mar +3.81% or #3 Jan +1.614% Feb +8.07% Mar +4.035% In #1 the fees are applied only to the final month, which I'm certain isn't correct. #2 the fees are divided evenly across each month, which is inaccurate but could be correct. And #3 is the most accurate and is essentially creating a compound monthly growth rate so that when compounded the three numbers would equal the realized return. Thanks guys.