A hedge fund launches with $$300$m $($$$272$m from LPs$).$ The fund charges $1\mathrm{.}5-20$ and has $21$bps of other expenses. Given the gross returns below, calculate the fund$$s performance $$ net returns annually over five years assuming:

a$.$ no leverage

b$.$ levered $$250$m at the beginning of each year. Margin debt costs $6\mathrm{.}3\%.$

c$.$ not levered, $4\%$ hurdle with no catch$-$up

Year Gross Ret

$00\mathrm{.}08$

$10\mathrm{.}04$

$20\mathrm{.}11$

$3-0\mathrm{.}06$

$40\mathrm{.}05$