An individual divides an investment between hedge funds that earn (before fees) -21%, -11%, +21%, +25%, +27%, and +31%. All hedge funds charge 2 plus 20%. What is the overall return on the investments? How is it divided between the hedge fund and the investor?

How does your answer change if a fund of funds charging 1 plus 5% is used.

(Assume that a hedge funds incentive fee of 20% is paid on profits net of the management fee. The fund of fund incentive fee of 5% applies to the total profits, net of management fees, from the hedge funds.)