Hedge fundMutual fundValue pre$-$fees$$2,200,000$$$2,200,000$Management fee$1\mathrm{.}30\%$Incentive fee$13\%$Threshold level$7\%$Expense ratio$1\mathrm{.}30\%$Fund return$16\%13\%$Hedge fundMutual fundInitial investment$$2,200,000\mathrm{.}00$$$2,200,000\mathrm{.}00$Management fees$$28,600\mathrm{.}00$Post management fees value$$2,523,400\mathrm{.}00$Threshold value$$154,000\mathrm{.}00$Incentive fees$$25,145\mathrm{.}12$Total fees$$53,745\mathrm{.}12$$$28,600\mathrm{.}00$Value after$-$fees$$2,465,081\mathrm{.}88$$$2,457,400\mathrm{.}00$After$-$fee return$13\mathrm{.}53\%11\mathrm{.}70\%$