Assume a $$100$ million AUM L$/$S equity strategy fund manager enters into the following trades at the beginning and end of the year. Bought $$135$ million of ABC at an opening price of $$150,$ Beta of $0\mathrm{.}75,$ current price of $$180.$ Margin requirement of $50\%$ of gross long position. Dividend rate is $$5$ per share. Sold short $$50$ million of XYZ at an opening price of $$50,$ Beta of $1\mathrm{.}5,$ and current price of $$55.$ Margin requirement is $50\%$ of the gross short position. There is a $$5$ per share dividend on ABC and a $$1$ dividend on XYZ$.$ Borrow fee is $1\%.$ Debit rate is $4\%.$ Credit rate is $3\%.$ Please do out the questions to get the answers provided below.

b$)$ What is the fund return, excluding all financing income and expenses, as a percentage of AUM? answer: $22\%$

e$)$ What is the fund return, including all financing income and expenses, as a percentage of AUM? answer: $25\mathrm{.}45\%$