Which manager did not earn their fee?
Performance reports are written by the people being measured. Each manager picks a benchmark, a period, and a definition of return, and each report arrives in a different format, so the one comparison that matters — what did the family actually keep, after fees and tax, versus what a simple alternative would have delivered — is never on a single page.
BEDROCK puts it on one page. Every manager, every fee, every stated benchmark, one method, three years, and a verdict per row.
Four data points and a flag.
Net-of-fee alpha, three years
Realised return minus fees minus the manager's own benchmark, per manager, on the same clock.
Fees paid in dollars
Management, performance and carried fees totalled over the period, so a 2/20 structure is a number, not a footnote.
Owner earnings
What the family kept. Cash actually received or reinvested, excluding unrealised marks.
The flag
Any manager whose three-year fees exceed the value they added above benchmark.
What the answer looks like.
A fictional book, the real mechanism. The headline, the data, the flag, and the source chain — in that order, every time.
| Brightwater Ventures III | −2.2% | 2/20 | CRITICAL |
| Halcyon Multi-Strat | −1.8% | 2/20 | CRITICAL |
| Northgate Real Assets | −0.6% | 1.5% fee | WARNING |
| Crestline Growth | +2.4% | 1.0% fee | OK |
Three managers below their own benchmark after fees were paid $3.6M of the $8.0M in fees.
- Ledger entries · FY2023–FY2025
- Managers · benchmark and fee schedule
- Owner earnings exclude unrealised gains
A different question, not a better chart.
Most family office reporting software shows performance the way the manager reported it, because that is the data it was given. It aggregates; it does not adjudicate. BEDROCK re-computes every manager under one definition and lets the data disagree with the pitch deck.
The number, then the decision.
The quarterly manager review starts from the table instead of ending at it. Two managers are under the line; you decide whether that is a conversation or a redemption, and the framework records what you decided so next year's review starts from a fact.
BEDROCK, answered.
Which benchmark does BEDROCK use?
The one each manager stated in their mandate, recorded per manager in your book. If none was stated, you choose one and the choice is logged. The framework never silently substitutes a benchmark.
Does it handle private funds with capital calls and distributions?
Yes. Ledger entries carry calls, distributions and fees by date, so private and public managers are measured on the same cash-in, cash-out basis.
Is this investment advice?
No. BEDROCK computes and displays. Decisions about hiring, retaining or redeeming managers are yours and your advisors'.