问题如下：
A FoF invested $200 million in each of Hedge Fund A and Hedge Fund B which all apply for "1 and 10" fee structure. At the year end, net of the management fee and incentive fees, the assets value of A and B are $250 million and $230 million, respectively. The management fee and incentive fee of the FoF are calculated independently based on year end value. What's the net return of the FoF?
选项：
A.16.8%.
B.17.6%.
C.18.2%.
解释：
A is correct.
题目中直接给出了子基金扣除完管理费和绩效奖的AUM，所以母基金的AUM就是两个子基金的AUM之和
即：FOF年底的AUM=$250 + $230 = $480 million
所以管理费=$480 × 1% = $4.8 million
本题绩效奖和管理费是单独计算
因此，绩效奖=($480 - $400) × 10% = $8 million
所以总费用=$4.8 + $8 million = $12.8 million
所以净收益=($480 - $400 - $12.8) / $400 = 16.8%
我想问下看 AUM 是看期末的不是期初的？期初 400，掌管着 400M 的资产，要为此支付今年的管理费 1%，是 4 么？
然后因为是 net of the mgmt fee，所以 480 -4 -400 =76，这部分去掉 10%的 incentive fee 7.6
最后剩 76-7.6=68.4，这样的算法为啥不对呢？
