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In GIPS, fees expenses or income?

management fee. Transaction fee. Etc Are all the expenses? If starting from 50000 and got 100000 then 100% return. And there was 10000 of fee then gross of fee return is 80% and net of fee fee return to be 100%?

I just read that gross of fee return and net of fee return all should be reduced by the bundle fee. As above calculation of 100% return of net of fee, it is difficult to understand why there should be fee reduction to the net of fee return.

Gross of fees return is return minus expenses (transaction costs but not custody fees). Net of fees return is gross return minus mgmt fees and carried interest (if any).
I am not understanding you example.

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