Hedge Fund Advisors Typically Receive a "2-Plus-Twenty" Management Fee

Hedge fund advisors typically receive a "2-plus-twenty" management fee

A) meaning 2 percent per year of the assets under management,plus performance fee 20 percent of any capital appreciation.
B) meaning 2 percent per year of the assets under management,plus performance fee 20 basis points.
C) meaning 2 percent per year of the assets under management,plus performance fee of 20 percent of the excess return.
D) meaning 2 percent per year of the assets under management,plus performance fee 20 percent of gross return net of the risk-free rate.