Portfolio Management Performance Report

Reporting Period: 2023-05-10 to 2025-04-28
Date Prepared: 2025-04-28

Executive Summary:

This report provides a detailed summary of the performance of assets managed under our agreement from May 10, 2023, to April 28, 2025. It covers two primary components:

  1. A Stock Portfolio managed within the client's own account, denominated in IRMT (Millions of Tomans).
  2. A Manager-Controlled Portfolio involving USD (initial Forex trading) and IRTT (Thousands of Tomans) (subsequent Stock Market investment).

The report details the performance of each component, calculates the manager's share based on the 33% profit/loss agreement, accounts for the initial management fee, and concludes with the final net settlement actions required between the Client and Manager. All calculations incorporate the relationship between the Toman denominations (1 IRMT = 1000 IRTT).

Overall Management Timeline (Values in Original Currencies/Units)

2023-05-10 Client Stock Portfolio Initiated (1,000 IRMT Base) 2023-11 Manager Portfolio Initiated (FX - $13,000 USD Inflow) Manager Fee Applied ($260) Jan 2024 Client Stock Portfolio Rebased (Withdrawal 500 IRMT, New Base 580 IRMT) Sep 2024 Manager Portfolio FX Loss Realized (-$5,890) Remaining USD Converted to IRTT (@ 58 IRTT/$) New Manager Portfolio Base 412,380 IRTT (Stock Investment) 2025-04-28 End of Reporting Period Final Valuations Recorded (IRMT, IRTT, USD) Net Settlement Calculated Portfolio Management Key Dates

Section 1: Stock Portfolio (Managed in Client's Account - IRMT [Millions of Tomans])

This portfolio consists of stocks managed directly within the client's own brokerage account, denominated in IRMT.

1.1. Timeline & Valuation:

  • Initial Base Cost (May 2023): IRMT$
  • Rebased Cost (Jan 2024): IRMT$ (After IRMT withdrawal)
  • Final Value (Apr 2025): IRMT$

1.2. Performance Summary (Since Jan 2024 Rebase):

  • Final Portfolio Value: IRMT$
  • Rebased Cost Basis: IRMT$
  • Total Profit Generated (Post-Rebase):

1.3. Manager's Performance Share (Due to Manager):

  • Manager's Share (33% of Profit):
  • Note: This amount is calculated based on performance within the client's account and is due to the manager as part of the final settlement.

Section 2: Manager-Controlled Portfolio (Initial Forex USD, Subsequent Stock Investment IRTT [Thousands of Tomans])

This section details activity for funds transferred to the manager, starting with Forex (USD) and transitioning to Stocks (IRTT).

2.1. Initial Investment & Fee (USD Forex Phase - Started Nov 2023):

  • Initial Capital Transferred: USD$
  • Management Fee (Earned by Manager): USD$ (2% of initial capital)

2.2. Forex Performance, Conversion & Rebase (Nov 2023 - Sep 2024):

  • Starting Base for FX Trading: USD$
  • Realized Loss from FX Trading: USD$
  • Manager's Share of Loss (33%):
  • Remaining Capital After Loss: USD
  • Conversion to IRTT: Remaining USD converted at 58 IRTT per USD.
  • New Base Cost for Stock Investment (IRTT):

2.3. Stock Market Performance (IRTT Phase: Sep 2024 - 2025-04-28):

  • Base Cost (IRTT): IRTT$
  • Profit Generated from Stock Investment (IRTT): IRTT$ (Reported 31% margin)
  • Final Portfolio Value (IRTT):
  • Manager's Share of Profit (33%):
  • Note: This final value and the manager's share are held within the funds managed by the manager.

Section 3: Final Net Settlement Calculation & Actions

This section calculates the net transfers required between the Client and Manager after accounting for all profit shares, losses, fees, and the conversion between IRMT and IRTT (1 IRMT = 1000 IRTT).

3.1. Calculating Net Toman-Based Currency Transfer (IRMT):

  • Manager Owes Client (from Manager-Controlled Fund):
    Final Value (IRTT): IRTT$
     Less Manager's Share Earned on this Fund (IRTT): IRTT IRTT
  • Client Owes Manager (from Client-Account Fund):
    * Manager's Share of Profit (IRMT):
  • Net Calculation:
    * (Owed to Client) - (Owed by Client) =
  • Result: The Manager owes the Client a net amount of 436.03 IRMT (rounded).

3.2. Calculating Net USD Transfer:

  • Fee Earned by Manager: USD$
  • Manager's Share of FX Loss: USD$
  • Net USD Owed to Client by Manager:

3.3. Final Net Settlement Transfers Required:

To fully and finally settle the engagement, reflecting all earnings, losses, and obligations, the following two net transfers are required:

  1. Manager PAYS Client: (Millions of Tomans)
    * (This represents the net settlement of all Toman-denominated funds/shares between the parties, consolidating the return of capital and payment of performance shares).
  2. Manager PAYS Client:
    * (This represents the net settlement of the USD-denominated fee and loss share).

Conclusion & Required Actions:

After a comprehensive review of performance across both portfolios, accounting for the manager's 33% profit/loss share, the initial fee, and netting all related currency amounts (IRMT, IRTT, USD), the final settlement requires two net payments from the Manager to the Client:

  1. Manager MUST PAY Client: (Millions of Tomans)
  2. Manager MUST PAY Client:

These two transfers will complete the settlement for the reporting period.

Table Of Contents
Portfolio Management Performance Report
Overall Management Timeline (Values in Original Currencies/Units)
Section 1: Stock Portfolio (Managed in Client's Account - IRMT [Millions of Tomans])
Section 2: Manager-Controlled Portfolio (Initial Forex USD, Subsequent Stock Investment IRTT [Thousands of Tomans])
Section 3: Final Net Settlement Calculation & Actions