A hedge fund has the following fee structure:

Annual management fee based on year$-$end AUM

$1\%$

Incentive fee

$25\%$

Hurdle rate before incentive fee collection starts

$6\%$

Current high$-$ water mark

$$340$ million

The fund has a value of $$290$ million at the beginning of the year. After one year, it has a value of $$392$ million before fees. What is the net percentage return to an investor for the year?