In the most recent period, relative-value hedge funds have reported an averag eperformance of 1.0%, but with extreme dispersion across managers (top-20% managers: +14% bottom - 20% managers:-12%). In this context, which of the following will most likely pay the highest overall performance fee: 1. A relative-value FoF. 2. A relative-value multistrategy hedge fund. 3. A portfolio of single-manager relative-value hedge funds..