Fee Manager

Source: src/FeeManager.sol

Responsibility

FeeManager holds the fund’s fee configuration and fee-accounting state, and computes fee accrual at each settlement. It never holds assets or mints shares itself—it returns amounts and recipients, and the Fund does the minting. All fees are paid in newly minted shares (diluting existing holders), never in assets:

Fee	Accrues at	Formula	Paid to
Entry	Deposit batch settlement	`totalShares × entryFeeBps / 10000` withheld from minted shares	`feeRecipient`
Exit	Redeem batch settlement	`redeemShares × exitFeeBps / 10000` re-minted; payout uses net shares	`feeRecipient`
Management	Report acceptance (time-based)	`totalSupply × managementFeeBps × elapsed / (10000 × 365 days)`	`feeRecipient`
Performance	Report acceptance, only above HWM	`totalSupply × (price − HWM) × performanceFeeBps / (price × 10000)`	`feeRecipient`
Protocol	Report acceptance (time-based)	Same shape as management, at `protocolFeeBps`	protocol fee recipient (resolved live via `Fund → FundManager → FundManagerDeployer`)

High-water mark (HWM) is tracked on the fee-base-asset share price. First accrual initializes it; afterwards, performance fee only accrues when the new price exceeds the HWM, which ratchets up to the new price.

Fee base asset: management, performance, and protocol fees accrue on the base asset’s report, which is why the Fund always includes feeBaseAsset in the reported asset set.

Protocol fee recipient is not stored here—it is read from the FundManagerDeployer at accrual time. If the resolved recipient is zero, the protocol fee is skipped.

All bps values are capped at 10000 (100%).

Admin functions authorize against the Fund’s access control (spoke pattern).

Function reference

Fund-only

Function	Access	Description
`accrueFees(totalSupply, newPrice)`	`onlyFund`	Computes management, performance, and protocol fee shares since `lastFeeAccrual`, updates HWM and `lastFeeAccrual`, and returns `(recipient, feeShares, protocolRecipient, protocolFeeShares)` for the Fund to mint. Called once per accepted report, on the fee base asset.

Admin setters

Roles are checked on the Fund.

Function	Role	Description
`setFeeConfig(config)`	`SET_FEES_ROLE`	Set all five bps values at once (`entry`, `exit`, `management`, `performance`, `protocol`), each ≤ 10000.
`setFeeRecipient(addr)`	`SET_FEE_RECIPIENT_ROLE`	Where fund-level fee shares are minted. Non-zero.
`setFeeBaseAsset(asset)`	`SET_FEE_BASE_ASSET_ROLE`	The asset whose reported price drives HWM/mgmt/perf/protocol accrual and risk valuation. Non-zero.

Views

getFeeConfig(), entryFeeBps, exitFeeBps, managementFeeBps, performanceFeeBps, protocolFeeBps, feeBaseAsset, feeRecipient, highWaterMark, lastFeeAccrual, fund(). Fund · FundManagerDeployer · Fees (user guide)

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Function reference

Fund-only

Admin setters

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