" Total Fee p.a. Management Fee Max[0, Incentive Fee (Gross Return above HWM - Hurdle Rate)]) - Consider a Hedge Fund 1.5/30 without a hurdle rate that exhibits a NAV of $200 million (HWM from previous year) at the start of the year. At the end of the year, before fees, the NAV is $253 million. Assuming that management fees are calculated on start-of-year NAVs, and that they are distributed annually, find the annual management fee, the gross return above HWM, the incentive fee, the ending NAV after fees and the total fee. Annual Management Fee: Gross Return above HWM: Incentive Fee: Ending NAV after distribution - of fees: Total fee