Let’s say your investment was valued at $500,000 on 1 July 2019 and increased in value to $590,000 by 30 June 2020. The benchmark return was 8.60%, so the benchmark value is $543,000  =  ($500,000 x (1+8.60%)) The fee payable is $7,050.00  =  ($590,000-$543,000) x 15%