No catch-up means that profit share will be applicable only on the incremental return over and above the hurdle rate. For example if the value of a portfolio increases from Rs 100 to Rs 120 during a year when the fees structure included a hurdle rate of 8% (i.e. hurdle rate was at Rs 108), then the profit share will be applicable only on Rs (120-108) = Rs 12, rather than it being applicable on the entire Rs 20 profit delivered.