Can someone shed some light on how to calculate true performance...

Can someone shed some light on how to calculate true performance after fees. Is it like this?

1 year performance is 20.2% and all ords is 15.3%... management fee is 1% and outperformance fee of 20% right?

20.2-15.3 = 4.9%*20% is 0.98% and the 1% management fee. So is their true performance 20.2-1-0.98 = 18.22% which is an outperformance of 2.92% after fees?

Similar to since inception (assuming all years are above all ords) 15.6% compared to 6.6%.
15.6-((15.6-6.6)*0.2)-1= 12.8% performance after fees, or a outperformance of 6.2%.


Is this the correct way to calculate performance after fees?