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Bulldog Fund is a hedge fund with a value of £100 million at the beginning of the year. Bulldog Fund charges 1.5% management fee based on assets under management at the end of the year and a 25% incentive fee with no hurdle rate. Incentive fees are calculated independent of management fees. The fund’s value at the end of year before fees is £120 million. Compared to a 2 and 20 fee structure, Bulldog Fund’s total fees for the year are: A. lower. B. the same. C. higher. |