{ "tool_id": "art-511-recompute-fund-fees", "note": "golden_hash filled by node golden-parity.test.mjs --update. Vectors cover: hard vs soft hurdle on identical inputs (proves no conflation), missing hurdle_type judgment_required, HWM loss carry-forward across a period boundary and recovery, first-period-no-prior-HWM, zero-period finite gate, realisation-based crystallisation not yet triggered, and a charged_amounts diff.", "vectors": [ { "name": "hard-hurdle-excess-only", "description": "Hard hurdle: 12% period return against a 5% hurdle charges the performance fee only on the 7% excess above the hurdle, not the full 12%.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "112000000", "fee_base": "106000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.05", "hurdle_type": "hard", "high_water_mark": "100000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "2120000.00", "performance_fee": { "hurdle_type": "hard", "hurdle_rate": "0.0500", "period_return_pct": "0.1200", "hurdle_cleared": true, "hurdle_excess_amount": "7000000.00", "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "112000000.00", "hwm_exceeded": true, "gain_above_hwm": "12000000.00", "eligible_gain": "7000000.00", "performance_fee_crystallised": "1400000.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 106000000.00.", "Hard hurdle: performance fee, if any, applies only to the return in excess of the hurdle rate.", "High-water mark carried forward from 100000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV exceeds the high-water mark by 12000000.00.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "2917de1fbb28566aa62d24517b5c75ed58433410ce12d1e66637e692aa9d119b" }, { "name": "soft-hurdle-full-return", "description": "Soft hurdle: the identical 12% return against the identical 5% hurdle instead charges on the FULL 12% return once cleared — proves hard vs soft are not conflated.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "112000000", "fee_base": "106000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.05", "hurdle_type": "soft", "high_water_mark": "100000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "2120000.00", "performance_fee": { "hurdle_type": "soft", "hurdle_rate": "0.0500", "period_return_pct": "0.1200", "hurdle_cleared": true, "hurdle_excess_amount": "12000000.00", "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "112000000.00", "hwm_exceeded": true, "gain_above_hwm": "12000000.00", "eligible_gain": "12000000.00", "performance_fee_crystallised": "2400000.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 106000000.00.", "Soft hurdle: once cleared, performance fee applies to the full period return, not merely the excess.", "High-water mark carried forward from 100000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV exceeds the high-water mark by 12000000.00.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "cd4fdb7789344c2cdbf6348214e87ffb04d825e1d5a46f866a3853e522b13494" }, { "name": "missing-hurdle-type-judgment-required", "description": "hurdle_type omitted entirely — the kernel refuses to default to hard or soft and raises judgment_required naming the field, with zero performance fee computed.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "112000000", "fee_base": "106000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.05", "high_water_mark": "100000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": { "field": "performance_fee.hurdle_type", "reason": "hurdle_type must be one of \"hard\", \"soft\", or \"none\" and carries no default — a hard hurdle charges only the excess above the hurdle, a soft hurdle charges the full return once cleared, and conflating them is the single most common performance-fee error. Supply hurdle_type explicitly from the fund agreement.", "supplied": null }, "management_fee_computed": "2120000.00", "performance_fee": { "hurdle_type": null, "hurdle_rate": null, "period_return_pct": "0.1200", "hurdle_cleared": null, "hurdle_excess_amount": null, "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "112000000.00", "hwm_exceeded": true, "gain_above_hwm": "12000000.00", "eligible_gain": "0.00", "performance_fee_crystallised": "0.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 106000000.00.", "hurdle_type was absent or unrecognised — no performance fee was computed; judgment_required names the resolving input.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "7560cea43929b7a2e2058bdab2df3f962630ffb8abb9233fec2bb16e7bde52b8" }, { "name": "hwm-loss-carryforward-not-cleared", "description": "A loss period leaves the closing NAV below the prior high-water mark; the mark is NOT reset by the period ending and no performance fee is chargeable.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "95000000", "fee_base": "97000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.00", "hurdle_type": "none", "high_water_mark": "110000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "1940000.00", "performance_fee": { "hurdle_type": "none", "hurdle_rate": "0.0000", "period_return_pct": "-0.0500", "hurdle_cleared": false, "hurdle_excess_amount": "0.00", "prior_high_water_mark": "110000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "110000000.00", "hwm_exceeded": false, "gain_above_hwm": "0.00", "eligible_gain": "0.00", "performance_fee_crystallised": "0.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 97000000.00.", "No hurdle declared: performance fee, if any, applies to the full positive period return.", "High-water mark carried forward from 110000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV does not exceed the high-water mark — no performance fee is chargeable regardless of the hurdle test.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "209df5804b3d2e10134fbbeb08fc4d741be4829f2ae8b475ecd2c88d96f6804b" }, { "name": "hwm-recovery-after-loss-carryforward", "description": "Following the loss above, a recovery period must first exceed the carried-forward 110,000,000 mark before any performance fee accrues, proving the mark survived the intervening period boundary.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2027-12-31", "period_start": "2027-01-01", "period_end": "2027-12-31", "period_days": 365, "nav": { "opening": "95000000", "closing": "115000000", "fee_base": "105000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.00", "hurdle_type": "none", "high_water_mark": "110000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2027-12-31", "period_start": "2027-01-01", "period_end": "2027-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "2100000.00", "performance_fee": { "hurdle_type": "none", "hurdle_rate": "0.0000", "period_return_pct": "0.2105", "hurdle_cleared": true, "hurdle_excess_amount": "19999999.45", "prior_high_water_mark": "110000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "115000000.00", "hwm_exceeded": true, "gain_above_hwm": "5000000.00", "eligible_gain": "5000000.00", "performance_fee_crystallised": "1000000.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 105000000.00.", "No hurdle declared: performance fee, if any, applies to the full positive period return.", "High-water mark carried forward from 110000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV exceeds the high-water mark by 5000000.00.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "5db01e485d4b4c39b5f9e24116396e9f4894b8ee4d538e1cfb43e62ca97180ac" }, { "name": "first-period-no-prior-hwm", "description": "No high_water_mark supplied at all — the first period, resolved deterministically to the opening NAV baseline rather than NaN or a silent zero.", "policy_parameters": { "fund_id": "FUND-FEE-02", "agreement_ref": "LPA-2026-01", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "105000000", "fee_base": "102000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.00", "hurdle_type": "none", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-02", "agreement_ref": "LPA-2026-01", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "2040000.00", "performance_fee": { "hurdle_type": "none", "hurdle_rate": "0.0000", "period_return_pct": "0.0500", "hurdle_cleared": true, "hurdle_excess_amount": "5000000.00", "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": true, "loss_carryforward": true, "new_high_water_mark": "105000000.00", "hwm_exceeded": true, "gain_above_hwm": "5000000.00", "eligible_gain": "5000000.00", "performance_fee_crystallised": "1000000.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 102000000.00.", "No hurdle declared: performance fee, if any, applies to the full positive period return.", "No prior high-water mark was supplied — this is treated as the first period and the opening NAV is the baseline nothing has yet exceeded.", "Closing NAV exceeds the high-water mark by 5000000.00.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "1e54f07eca9190342a3d7987912e2d6c361e533afd3ffe613b53039bcefc4612" }, { "name": "zero-period-finite-gate", "description": "Zero period days and a zero fee base both resolve to a defined 0 management fee via the finite gate, never NaN.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-01-01", "period_start": "2026-01-01", "period_end": "2026-01-01", "period_days": 0, "nav": { "opening": "100000000", "closing": "100000000", "fee_base": "0" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.00", "hurdle_type": "none", "high_water_mark": "100000000", "crystallisation": "period" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-01-01", "period_start": "2026-01-01", "period_end": "2026-01-01", "period_days": 0, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "0.00", "performance_fee": { "hurdle_type": "none", "hurdle_rate": "0.0000", "period_return_pct": "0.0000", "hurdle_cleared": false, "hurdle_excess_amount": "0.00", "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "100000000.00", "hwm_exceeded": false, "gain_above_hwm": "0.00", "eligible_gain": "0.00", "performance_fee_crystallised": "0.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": true, "diff": [], "rationale": [ "Period is zero or negative days — management fee resolves to 0 by the finite gate, not by omission.", "No hurdle declared: performance fee, if any, applies to the full positive period return.", "High-water mark carried forward from 100000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV does not exceed the high-water mark — no performance fee is chargeable regardless of the hurdle test.", "Crystallisation is period-based — the full computed performance fee is payable now.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "d3e8003dd03a64da7fafb9b28097c0e5e0bcbdb88c9af0bfbd172230caa59e9c" }, { "name": "realisation-crystallisation-not-yet-triggered", "description": "Realisation-based crystallisation with no realisation event declared: the performance fee is accrued but not yet payable — crystallised and accrued are reported separately, never summed.", "policy_parameters": { "fund_id": "FUND-FEE-03", "agreement_ref": "LPA-2025-03", "terms_version": "2.0", "as_of": "2026-06-30", "period_start": "2026-01-01", "period_end": "2026-06-30", "period_days": 181, "nav": { "opening": "50000000", "closing": "58000000", "fee_base": "54000000" }, "management_fee": { "rate": "0.015", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.03", "hurdle_type": "hard", "high_water_mark": "50000000", "crystallisation": "realisation" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-03", "agreement_ref": "LPA-2025-03", "terms_version": "2.0", "as_of": "2026-06-30", "period_start": "2026-01-01", "period_end": "2026-06-30", "period_days": 181, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "401671.23", "performance_fee": { "hurdle_type": "hard", "hurdle_rate": "0.0300", "period_return_pct": "0.1600", "hurdle_cleared": true, "hurdle_excess_amount": "6500000.00", "prior_high_water_mark": "50000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "58000000.00", "hwm_exceeded": true, "gain_above_hwm": "8000000.00", "eligible_gain": "6500000.00", "performance_fee_crystallised": "0.00", "performance_fee_accrued": "1300000.00", "crystallisation": "realisation" }, "recompute_only": true, "diff": [], "rationale": [ "Management fee accrued over 181 declared days on a fee base of 54000000.00.", "Hard hurdle: performance fee, if any, applies only to the return in excess of the hurdle rate.", "High-water mark carried forward from 50000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV exceeds the high-water mark by 8000000.00.", "Crystallisation is realisation-based — no realisation event was declared, so the fee is accrued but not yet payable.", "No charged_amounts were supplied — this run is recompute-only, not a match/mismatch determination." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "d9e6f14a18a4020b56123b64a47bf4e72a0836da170fb70cebb699e8492beb73" }, { "name": "charged-amounts-diff-found", "description": "charged_amounts supplied and disagrees with the recomputation on the supplied terms — a diff, reported as a finding not an allegation.", "policy_parameters": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "nav": { "opening": "100000000", "closing": "112000000", "fee_base": "106000000" }, "management_fee": { "rate": "0.02", "day_count": "actual/365" }, "performance_fee": { "rate": "0.20", "hurdle_rate": "0.05", "hurdle_type": "hard", "high_water_mark": "100000000", "crystallisation": "period" }, "charged_amounts": { "management_fee": "2120000.00", "performance_fee_crystallised": "2400000.00", "performance_fee_accrued": "0.00" }, "rounding": { "decimal_places": 2, "mode": "half_up" } }, "output_payload": { "fund_id": "FUND-FEE-01", "agreement_ref": "LPA-2024-08", "terms_version": "1.0", "as_of": "2026-12-31", "period_start": "2026-01-01", "period_end": "2026-12-31", "period_days": 365, "rounding": { "decimal_places": 2, "mode": "half_up" }, "judgment_required": null, "management_fee_computed": "2120000.00", "performance_fee": { "hurdle_type": "hard", "hurdle_rate": "0.0500", "period_return_pct": "0.1200", "hurdle_cleared": true, "hurdle_excess_amount": "7000000.00", "prior_high_water_mark": "100000000.00", "first_period_no_prior_hwm": false, "loss_carryforward": true, "new_high_water_mark": "112000000.00", "hwm_exceeded": true, "gain_above_hwm": "12000000.00", "eligible_gain": "7000000.00", "performance_fee_crystallised": "1400000.00", "performance_fee_accrued": "0.00", "crystallisation": "period" }, "recompute_only": false, "diff": [ { "component": "management_fee", "computed": "2120000.00", "charged": "2120000.00", "delta": "0.00", "matches": true }, { "component": "performance_fee_crystallised", "computed": "1400000.00", "charged": "2400000.00", "delta": "-1000000.00", "matches": false }, { "component": "performance_fee_accrued", "computed": "0.00", "charged": "0.00", "delta": "0.00", "matches": true } ], "rationale": [ "Management fee accrued over 365 declared days on a fee base of 106000000.00.", "Hard hurdle: performance fee, if any, applies only to the return in excess of the hurdle rate.", "High-water mark carried forward from 100000000.00; a prior loss is NOT cleared by this period ending.", "Closing NAV exceeds the high-water mark by 12000000.00.", "Crystallisation is period-based — the full computed performance fee is payable now.", "One or more recomputed components disagree with the charged figures on the terms supplied — a finding, not an allegation of overcharge." ], "not_proven": [ { "item": "Fee rate and term accuracy", "detail": "The management-fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis, and day count are every one of them caller-supplied and asserted. This kernel performs no fund-administrator or market-data lookups (zero-egress) and does not verify these terms against the underlying fund agreement." }, { "item": "NAV accuracy", "detail": "The opening and closing NAV figures are caller-supplied. Recomputing the NAV itself is the scope of art-373-recompute-fund-nav, a separate node this kernel consumes rather than reimplements." }, { "item": "Charged-amount provenance", "detail": "Where supplied, charged_amounts is asserted, taken as given from the fee statement being checked. This kernel does not verify that the statement itself was correctly transcribed from the manager's books." }, { "item": "Manager overcharge / wrongdoing", "detail": "A diff is a finding that the recomputation disagrees with the charged figure on the supplied terms — never an allegation that the manager overcharged. Every disagreement can equally originate from a term this run had wrong." } ], "fence": "Fee rate, hurdle rate/type, high-water mark, crystallisation policy, accrual basis and day count are every one of them a caller input transcribed from the fund agreement — this kernel ships no rate table, no fund library, no term database (zero-egress by contract). agreement_ref + terms_version are pinned so a later side letter makes an old receipt dated, not wrong." }, "golden_hash": "a56b4674bbc0a3cdd3523462c5ec651eff1a6c861bf2474697f55a2fa424e921" } ] }