Excelsior Management Co., a prominent hedge fund manager pursuing an event-driven strategy, charges a management fee of 1.5% per annum and an incentive fee of 15% on any "net new profits" (i.e., above the previous high water mark) earned by its fund after deducting this management fee. All fees are charged and collected at the end of each year. Over the past three years, the Fund generated the following gross returns (i.e., prior to any fees being charged):

Year 1 +20%

Year 2 -10%

Year 3 +5%

Calculate the effective annualized net return to investors of this fund over this three-year period.