If management fees are 2/3 of the fund's income then the management is twice the performance fee. Given value of fund at start (f_0) and value of fund after a

If management fees are 2/3 of the fund's income then the management is twice the performance fee. Given value of fund at start (f_0) and value of fund after a time period (f_1) then the value is: 0.02f_1 = 2( 0.2 ( f_1 - f_0)) f_1 = 20 (f_1 - f_0) 20 f_0 = 19 f_1 f_0 = 0.95 f_1 f_1 = 1.053 f_0 So management fee is 2/3 of the income if the performance is 5.3%. SPY performance is all over the place[0] but you can see years with 10% or 20% growth. But check my math because I'm a moron. [0] https://finance.yahoo.com/quote/SPY/performance/ https://finance.yahoo.com/quote/SPY/performance/