问题如下：
Consider how Renaissance Technologies might justify a 5 plus 44% fee schedule. Assume that the incentive fee is applied after the management fee has been subtracted, that the management fee is applied to beginning-of-year assets, and that Renaissance has averaged a 35% return on assets under management in recent years.
选项：
解释：
Renaissance Technologies has performed spectacularly well, with returns averaging 35% per year. If it continues to earn 35%, investors will earn 0.56 * 30% or 16.8% per annum.
请问management fee通常是在期末收吗？而不是期初收吗？
