Alphas

In finance, "alpha" refers to a measure of an investment manager’s ability to generate returns above a benchmark or market average after adjusting for risk. It indicates the value added (or lost) by active management. A positive alpha means the investment outperformed the market, while a negative alpha suggests underperformance. Essentially, alpha gauges the skill of a portfolio manager in selecting investments that beat overall market performance, serving as a key indicator for evaluating investment success beyond just following market trends.