A hedge fund launches with $$300m($ $$272m$ from LPs$).$ The fund charges $1\mathrm{.}5-20$ and has $21$ bps of other expenses. Given the gross returns below, calculate the fund's

performance $-$ net returns annually over five years assuming:

A$.$ no leverage

B$.$ levered $$250m$ at the beginning of each year. Margin debt costs $6\mathrm{.}3\%.$

C$.$ not levered, $4\%$ hurdle with no catch$-$up

Gross Returns