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问题如下：

The fees of a hedge fund are 2% plus 20%. What is the investor’s return as an algebraic function of the hedge fund’s return? Consider all possible values of the hedge fund’s return.

Assume that the incentive fee is applied before the management fee has been subtracted, and the management fee is applied to the end-of-year assets under management.

解释：

The investor’s return R as a function of the hedge fund’s return, $R_H$, is

$0.8R_H - 0.02(1 + R_H)$ if $R_H > 0$

$R_H - 0.02(1 + R_H)$ if $R_H \leq 0$