You are investing in a mutual fund, which charges 1 plus 15%. The mutual fund invests its money equally among 4 hedge funds each of which charges 2 plus 20%. The hedge funds' incentive fees are calculated on the return after management fees. The mutual fund's incentive fee is calculated on the net (after management fees and incentive fees) average return of the hedge funds in which it invests and after its own management fee has been subtracted. If the four hedge funds earn -10%, 2%, 10%, and 20%, what is the overall return on the investments? How is it divided between the mutual fund, the hedge funds, and you, the investor?