Hedge Synergy is a virtual model hedge fund which was started on October 1, 2004. The web site was launched April 23, 2005 and is updated weekly (see Barron's classified ads 4/25/05 page MW6). The above chart shows the returns of the virtual Hedge Synergy Fund NAV (net returns after deducting Performance/Asset Fee), long portfolio, short portfolio and the S&P 500. For an explanation of my methodology please see Hedge Strategy.
The above chart also illustrates how much a hedge fund manager earns in relation to what the investors earn. The dotted blue line is the gross return of the virtual Hedge Synergy Fund. The solid blue line is the NAV or net return after deducting the Performance/Asset fee. The difference between the two lines represents the amount of return that has accrued to the virtual hedge fund manager. As of March 13, 2015 the virtual hedge fund manager has received approximately 36% of the total virtual Hedge Synergy Fund returns (unfortunately, you can't spend virtual returns).