But since its inception in 1991 the fund has averaged a 13% annual return, net of its 1% management fee and 20% commission on profits.

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Some restaurants, like the Ning Po Residents Association, require a nominal annual fee (around 200 Hong Kong dollars), but in return you gain access to excellent food (in this case, recipes from the city of Ningbo, near Shanghai, such as delicate, juicy soup dumplings and sweet-and-sour fish), in an exclusive but usually unpretentious setting.

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If the market is up 10%, he calculates, then hedge fund operators would need a 17% return to beat that--given a 20% carry, a 2% annual fee and taxes.

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