CHAPTER 15: TECHNICAL ANALYSIS

Fund Start of year value (millions) $100.0 $100.0 $100.0 $300.0 $300.0 Gross portfolio rate of return 20% 10% -30% End of year value (before fee) $120.0 $110.0 $70.0 $300.0 Incentive fee (Individual funds) $4.0 $2.0 $0.0 $0.0 End of year value (after fee) $116.0 $108.0 $70.0 $294.0 $300.0 Incentive fee (Fund of Funds) $0.0 End of year value ... ................
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