At time 1, Fund A has a NAV of $12 and sells at a 2% premium. At time 2, Fund A has a NAV of $14 and sells at an 8% discount. Between time 1 and time 2, Fund A had distributions of $0.50. What is the return to an investor in the fund from time 1 to time 2? If you held the same assets as the fund (not the fund itself, but a replication of its portfolio), what would your return be from time 1 to time 2? Which return is higher and why?