Beedrill Associates (BA), a fund of hedge funds (FOF) based in Connecticut, charges a 1-10 management-incentive fee structure. BA invests 40% of its capital in Metapod Partners and 60% in Kakuna Capital, two hedge funds based in Missouri. Both hedge funds charge a 2/20 fee structure.

If Metapod Partners generate a 20% return while Kakuna Capital a 10% return, what is the net-of-fee return for an investor in Beedrill Associates? Assume performance fees are computed net of management fees.