Kuwait Rules and Regulations (Level 3)

Correct: The Equity Market Neutral strategy involves offsetting long equity positions with short positions in market derivatives, such as stock index futures, to eliminate systematic risk. This allows the manager to isolate the alpha generated by stock selection, ensuring the portfolio performance is not dictated by the general direction of the China A-share market.

Incorrect: Relying on a Macro Strategy involves making directional bets based on broad economic indicators and policy shifts rather than neutralizing market exposure. Choosing a Managed Futures approach focuses on capturing trends within the futures markets across various asset classes rather than hedging a specific equity portfolio. Opting for an Event Driven strategy centers on profiting from specific corporate milestones like reorganizations or acquisitions rather than maintaining a constant market-neutral hedge.

Takeaway: Equity Market Neutral strategies in China use derivatives to hedge systematic risk and isolate stock-specific returns.

Correct: The allocation effect is the primary metric used in attribution analysis to isolate the value created by a manager’s tactical decision to deviate from benchmark sector weights. In the context of China’s market, where policy shifts often drive sector performance, this component clearly shows how much alpha was generated by being overweight in sectors favored by national industrial strategies compared to the benchmark’s neutral weight.

Incorrect: Attributing the result to the selection effect is incorrect because this metric focuses on the manager’s skill in picking individual stocks within a sector rather than the decision to favor the sector itself. The strategy of using the interaction effect is misplaced as it represents the joint impact of both allocation and selection, making it difficult to isolate the specific benefit of the sector-weighting decision. Opting for the yield curve effect is irrelevant in this context because it is a fixed-income attribution metric that does not directly measure sector-level equity allocation performance.

Takeaway: Allocation effect isolates the impact of active sector or asset class weighting decisions relative to a benchmark’s weights.

Correct: Strategic Asset Allocation (SAA) serves as the long-term framework for a portfolio, establishing the baseline mix of assets like equities and bonds. This process is crucial for balancing the trade-off between risk and return according to the specific constraints and goals of the Chinese investor.

Correct: Passive management in the China market focuses on providing beta exposure by matching the returns of a specific benchmark, such as the CSI 300. The manager’s primary objective is to minimize the tracking error, which is the divergence between the portfolio’s performance and the index’s performance, while ensuring that transaction costs and management fees remain low for investors.

Incorrect: Utilizing quantitative models to overweight specific sectors represents an active or ‘enhanced’ strategy that seeks to generate alpha, which contradicts the pure replication goal of passive management. The strategy of rotating into high-dividend stocks based on market volatility is a form of tactical asset allocation or active management aimed at capital preservation. Opting to use derivatives to hedge systematic risk describes a market-neutral or absolute return strategy rather than a passive approach designed to provide market-linked returns.

Takeaway: Passive management aims to provide benchmark-linked returns by minimizing tracking error rather than seeking to outperform the market through active selection.

Correct: In the Chinese market, market neutral strategies rely heavily on the ability to short the market or hedge market exposure, primarily through stock index futures or securities lending. The availability, liquidity, and basis risk of these instruments, which are regulated by the China Financial Futures Exchange under CSRC oversight, are the primary determinants of whether a manager can successfully neutralize the beta of their long equity positions to achieve absolute returns.

Incorrect: Attempting to circumvent the T+1 settlement rule through technical maneuvers does not address the core requirement of market neutrality and may face regulatory scrutiny for disrupting market order. Relying on the QDII scheme to move assets abroad does not solve the problem of domestic market neutrality and ignores the fact that such products remain under strict CSRC supervision. Choosing to include rigid payment or guaranteed return clauses is a direct violation of the New Asset Management Rules, which aim to eliminate the expectation of implicit guarantees in the Chinese financial system.

Takeaway: Market neutral strategies in China require effective hedging via index futures while strictly complying with the prohibition of guaranteed returns or rigid payments.

Correct: Under the supervision of the CSRC and the self-regulatory guidelines of AMAC, private fund managers in China must conduct thorough due diligence and operate strictly within their filed investment mandates. This ensures transparency and protects the interests of qualified investors while maintaining the integrity of the private market ecosystem. Adhering to the filed investment scope is a critical compliance requirement for private fund managers in the domestic market.

Incorrect: The strategy of guaranteeing returns through side letters is a direct violation of China’s asset management regulations, which strictly prohibit ‘rigid payments’ and guaranteed yields to investors. Opting to use unregistered entities to bypass reporting requirements constitutes a serious regulatory breach of CSRC disclosure and filing rules for private investment funds. Focusing only on unverified internal projections while ignoring historical tax compliance fails to meet the professional standard of care and due diligence required in China’s private equity landscape.

Takeaway: Compliance in China’s private markets requires strict adherence to AMAC filing mandates and the prohibition of guaranteed investment returns or rigid payments.

Correct: Strategic Asset Allocation (SAA) is the process of establishing a long-term policy benchmark. In the Chinese regulatory environment, fund managers must ensure that this target mix aligns with the risk-return profile and investment restrictions documented in the fund’s legal filings with the CSRC. This provides a structured framework for achieving the fund’s primary objectives over an extended horizon.

Incorrect: The strategy of making frequent adjustments to capture short-term market trends refers to Tactical Asset Allocation (TAA), which is a deviation from the strategic baseline. Relying on an equal risk contribution model without considering specific return targets or legal constraints fails to address the comprehensive nature of a strategic mandate. Choosing to concentrate assets in high-yield instruments to maximize income while ignoring volatility limits violates the fundamental principle of balancing risk and return within a strategic framework.

Takeaway: Strategic Asset Allocation defines the long-term policy mix required to meet investment objectives within the constraints of the fund’s mandate.

Correct: In the China asset management industry, the Investment Policy Statement serves as the foundational document that bridges the gap between client objectives and portfolio execution. It ensures that the strategic asset allocation is consistent with the client’s risk tolerance and return requirements as mandated by CSRC suitability requirements. This document provides the necessary discipline to guide all subsequent investment decisions and performance evaluations.

Incorrect: Executing tactical trades before a formal policy is established violates the disciplined investment process and risks non-compliance with suitability standards. Selecting individual securities based only on credit models ignores the necessary top-down asset allocation framework required for a balanced portfolio. Choosing to outsource the risk management framework to an external party specifically to avoid internal oversight undermines the fiduciary duty of the manager and violates internal control requirements set by Chinese regulators.

Takeaway: The Investment Policy Statement is the essential link between client objectives and the actual portfolio construction process in investment management.

Correct: Fundamental analysis in the China A-share market allows managers to look beyond standardized financial statements to evaluate qualitative factors such as management integrity, the effectiveness of internal controls, and the impact of government policy. This is particularly valuable in a market where disclosure practices are still maturing and state-owned enterprise (SOE) restructuring plays a significant role in company valuations, providing insights that purely quantitative models might miss.

Incorrect: Relying solely on future earnings projections from exchange platforms is insufficient as it ignores the necessity of verifying historical performance and conducting independent due diligence. The strategy of minimizing tracking error is a characteristic of passive management or index tracking rather than a specific advantage of fundamental analysis over quantitative methods. Opting for high-frequency trading algorithms describes a quantitative or technical approach rather than fundamental analysis and focuses on execution speed rather than intrinsic valuation.

Takeaway: Fundamental analysis provides critical qualitative insights into governance and policy impacts that quantitative models may overlook in the China A-share market.

Correct: The selection effect measures the value added by the manager’s ability to choose specific securities within a sector that perform better than the benchmark’s average for that sector. In this scenario, since sector weights were neutral, the outperformance stems from the manager’s skill in picking superior A-shares within the healthcare industry, which aligns with CSRC expectations for detailed performance disclosure.

Incorrect: Focusing on the impact of deviating from benchmark sector weights describes the allocation effect, which is incorrect here because the manager maintained weights nearly identical to the CSI 300. Attributing the return to the combined influence of both weighting and selection refers to the interaction effect, which is inappropriate when the primary driver is stock picking within a fixed sector weight. Relying on the timing of entries and exits into the broad market describes market timing, which does not apply to the process of picking specific stocks within a single sector.

Takeaway: Selection effect quantifies the value added by choosing specific securities within a sector relative to that sector’s benchmark return.

Correct: A barbell strategy is designed to outperform a bullet strategy when the yield curve flattens. By holding a combination of short-term and long-term bonds, the portfolio benefits from the relative price appreciation of long-term bonds as their yields fall toward short-term levels. This approach allows the manager to maintain the required duration while positioning for the specific structural change in the China Government Bond market yield curve as regulated under CSRC guidelines for professional institutional investors.

Incorrect: The strategy of concentrating assets in intermediate-term maturities, known as a bullet strategy, is typically preferred when the yield curve is expected to steepen rather than flatten. Choosing to move entirely into short-term money market instruments would fail to meet the mandate of maintaining a specific duration target and would miss the capital gains from the long end of the curve. Focusing only on increasing duration significantly above the benchmark is a directional bet on interest rates that ignores the specific yield curve shape change and increases the portfolio’s risk profile beyond the intended strategy.

Takeaway: A barbell strategy is the most effective yield curve positioning when an investor expects the yield curve to flatten.

Correct: In the Chinese investment management industry, professional performance measurement requires looking beyond simple returns. Managers must use risk-adjusted measures and attribution analysis to understand the sources of alpha. This ensures compliance with CSRC’s emphasis on transparency and helps determine if the manager’s skill in asset allocation or stock picking drove the results.

Incorrect: Relying solely on absolute returns ignores the level of risk taken to achieve those gains, which fails to provide a complete picture of management quality. Simply using a broad index like the CSI 300 for a specialized small-cap fund creates a benchmark mismatch that invalidates the performance comparison. Choosing to retroactively change a benchmark is a violation of consistency principles and could be seen as misleading under Chinese securities regulations.

Takeaway: Comprehensive performance measurement requires evaluating risk-adjusted returns and identifying the specific drivers of outperformance through attribution analysis.

Correct: In the Chinese regulatory environment, the investment mandate is a critical governance document. It translates the broad objectives found in the fund’s prospectus into specific, actionable constraints. This includes defining the ‘investment scope’ (such as A-shares or specific bond types), setting risk parameters, and establishing a benchmark. This ensures the manager operates within the expectations set for investors and complies with CSRC requirements for consistency in fund management.

Incorrect: The strategy of allowing a manager to ignore allocation limits during market corrections would violate the fundamental purpose of a mandate, which is to maintain a consistent risk profile for investors. Claiming the mandate acts as a guarantee of positive returns is strictly prohibited under China’s asset management regulations, which forbid ‘breaking the implicit guarantee’ (gangxing duifu) and promising guaranteed returns. Focusing on the mandate as a confidential tool for volume-based compensation misrepresents its role as a public-facing governance framework and ignores the regulatory emphasis on investor protection and strategy adherence.

Takeaway: The investment mandate translates fund objectives into specific constraints and benchmarks to ensure consistent strategy execution and regulatory compliance in China’s markets.

Correct: Under the Securities Law of the People’s Republic of China and CSRC regulations, investment managers are fiduciaries who must prioritize the interests of the fund’s unit holders above their own or their firm’s interests. This duty requires the manager to act with integrity, exercise professional care, and base investment decisions on thorough research and independent analysis rather than external pressures or conflicts of interest.

Incorrect: Focusing only on absolute return targets is incorrect because managers must operate within the specific risk parameters and mandates defined in the fund’s legal documents. The strategy of following market sentiment or peer behavior fails to meet the requirement for independent professional judgment and may lead to unsuitable risk exposure. Choosing to maximize transaction volume for the sake of commission rebates is a direct violation of fiduciary duty and constitutes a conflict of interest that harms investor returns.

Takeaway: Investment managers in China must prioritize investor interests through professional diligence and independent judgment as mandated by the CSRC.

Correct: Formulating an Investment Policy Statement (IPS) is the foundational step in the investment management process. It translates client needs into actionable investment parameters and ensures the manager adheres to the client’s risk tolerance and liquidity needs. This document provides the essential roadmap for all subsequent decisions and serves as a benchmark for future performance evaluation in accordance with Chinese regulatory expectations.

Incorrect: The strategy of implementing tactical overlays is premature because tactical shifts should only occur within the boundaries of an already established strategic asset allocation framework. Focusing only on security selection ignores the critical asset allocation phase which typically drives the majority of long-term portfolio returns and risk. Choosing to analyze past performance attribution is a monitoring and evaluation step that occurs after the investment cycle has begun, rather than during the initial planning phase.

Takeaway: The investment management process must begin with a formal Investment Policy Statement to align portfolio strategy with client constraints and objectives.

Correct: Tactical asset allocation (TAA) is an active management strategy that involves temporary deviations from the Strategic Asset Allocation (SAA) to exploit short-term market opportunities or mitigate risks. In the Chinese regulatory environment, these adjustments must be disciplined and remain within the specific bands or risk limits established in the fund’s mandate and the prospectus filed with the CSRC.

Incorrect: The strategy of redefining long-term objectives without formal updates describes a failure in governance rather than a tactical adjustment. Opting to liquidate entire asset classes and ignore tracking error limits represents a violation of fiduciary duty and risk management protocols. Choosing to maintain static weights at all times describes a purely passive buy-and-hold strategy, which fails to utilize the active potential of tactical asset allocation to enhance returns or manage short-term risk.

Takeaway: Tactical asset allocation involves disciplined, short-term deviations from strategic targets to capture market opportunities while respecting mandate-defined risk boundaries.

Correct: In the China A-share market, a robust quantitative approach involves integrating diverse data sources including fundamental, quality, and sentiment factors. This multi-dimensional view captures different drivers of stock returns. Furthermore, applying rigorous risk budgeting and tracking error constraints ensures the fund adheres to its mandate and aligns with CSRC’s expectations for institutional investors to act as a stabilizing force in the market through disciplined risk management.

Incorrect: Relying solely on technical patterns for high-frequency trading often ignores the underlying financial health of companies and may lead to excessive turnover, which is frequently scrutinized by regulators. Adopting static weights from foreign markets is ineffective because it fails to account for the unique liquidity, retail investor behavior, and regulatory characteristics of the Shanghai and Shenzhen exchanges. Choosing to use unconstrained black-box models without human oversight lacks the transparency and accountability required for institutional fiduciary duties and risk control.

Takeaway: Quantitative equity management in China requires balancing diverse alpha factors with strict risk controls to ensure regulatory compliance and benchmark consistency.

Correct: A bullet strategy involves concentrating bond holdings in a single maturity segment, typically the intermediate range. When the yield curve flattens, the intermediate maturities (the belly) tend to outperform the combination of short and long maturities (the wings) found in a barbell strategy. In the context of the China Interbank Bond Market, this shift allows the manager to benefit from the relative price appreciation of intermediate bonds as the yield spread between long-term and short-term CGBs narrows.

Incorrect: The strategy of increasing exposure to both ends of the curve is more effective when the yield curve is expected to steepen or when there is high interest rate volatility due to the higher convexity of the barbell. Choosing to execute a laddered approach is a passive management technique designed to provide liquidity and reduce reinvestment risk rather than to profit from specific curve movements. Opting for a riding the yield curve strategy is most effective when the curve is steep and stable, as it relies on the bond’s yield falling as it moves toward maturity, which is not the primary goal during a flattening phase.

Takeaway: Investors should favor a bullet strategy over a barbell strategy when they anticipate the yield curve will flatten.

Correct: Strategic asset allocation (SAA) is the process of defining the long-term policy weights for various asset classes. For a China-based retirement fund, this framework is essential to ensure that the portfolio’s beta exposure is consistent with the long-term return requirements and risk constraints mandated by the fund’s objectives and CSRC-compliant prospectus.

Incorrect: The strategy of exploiting short-term market inefficiencies refers to tactical asset allocation, which involves temporary shifts away from the strategic weights. Focusing on identifying specific undervalued securities describes bottom-up security selection or fundamental analysis rather than the high-level allocation of assets. Choosing to monitor daily risk limits like Value-at-Risk is a component of the risk management and compliance monitoring phase, which occurs after the strategic allocation has been implemented.

Takeaway: Strategic asset allocation defines the long-term policy weights to align a portfolio with its primary investment objectives and risk constraints.

Correct: Fundamental analysis in the Chinese market involves a top-down and bottom-up integration. This includes understanding how national strategic goals and CSRC-mandated disclosures impact the sector, performing a rigorous audit of financial statements to ensure earnings are sustainable, and evaluating qualitative factors like management quality and technological moats to estimate intrinsic value.

Incorrect: The strategy of analyzing price-volume trends and moving averages refers to technical analysis, which focuses on market patterns rather than the underlying business value. Focusing only on dividend yields and benchmark rates is an overly narrow valuation approach that ignores growth potential and the broader industrial context. Opting for high-frequency data and statistical arbitrage describes a quantitative trading strategy aimed at market inefficiencies rather than the fundamental assessment of a company’s financial health and competitive position.

Takeaway: Fundamental analysis integrates macroeconomic policy, industry trends, and company-specific financial and qualitative data to determine a security’s intrinsic value in China’s markets.

Correct: C-REITs in China are specifically designed to securitize infrastructure assets such as toll roads, industrial parks, and sewage treatment plants. Under the regulatory framework established by the CSRC, these products must be structured as closed-end funds and are traded on the major domestic exchanges (SSE and SZSE) to provide liquidity and transparency for investors.

Incorrect: The strategy of focusing on residential property is incorrect because the current Chinese regulatory framework specifically excludes commercial residential housing to prevent speculative bubbles. Relying on the idea that these funds are exempt from CSRC oversight ignores the mandatory registration and supervision requirements for all publicly offered funds in China. Choosing to view these as guaranteed fixed-income instruments mischaracterizes the risk profile, as C-REITs are equity-like products where returns depend on the actual operational performance of the underlying infrastructure assets.

Takeaway: C-REITs are exchange-traded, closed-end funds that allow investors to access China’s infrastructure sector through a regulated public market framework.

Correct: In the China market, market neutral strategies typically involve Private Securities Investment Funds taking long positions in stocks expected to outperform while hedging the systematic risk (beta) by selling stock index futures, such as CSI 300 or CSI 500 futures. This approach aims to isolate the manager’s stock-picking ability, or alpha, from the overall movement of the broader equity market.

Incorrect: Focusing on high-dividend stocks is a value-oriented long-only strategy that remains fully exposed to market beta and does not qualify as market neutral. The strategy of using commodity futures for momentum is characteristic of a Managed Futures or CTA strategy rather than an equity market neutral approach. Opting for a bond-heavy portfolio with small unhedged equity positions describes a capital preservation or fixed-income plus strategy, which fails to eliminate systematic risk through offsetting short positions.

Takeaway: Market neutral strategies in China utilize index futures to hedge systematic risk, allowing managers to focus on generating idiosyncratic alpha.

Correct: In a rising interest rate environment, bond prices and yields move inversely. Modified duration measures the sensitivity of a bond’s price to interest rate changes. By reducing the portfolio’s modified duration, the manager ensures that the portfolio’s value is less sensitive to the anticipated rise in yields. Shifting to short-term instruments or floating-rate notes effectively lowers this sensitivity, as these assets have lower duration compared to long-term fixed-rate treasury bonds.

Incorrect: Increasing the Macaulay duration would be counterproductive because it would make the portfolio more sensitive to interest rate hikes, leading to greater capital losses. Relying solely on increasing convexity while maintaining a neutral duration is an incomplete strategy; while convexity provides a small buffer against large rate moves, it does not mitigate the primary price decline caused by a high duration in a rising rate environment. Choosing to receive fixed rates in an interest rate swap effectively increases the portfolio’s duration, which would result in losses as market rates rise above the fixed rate being received.

Takeaway: Portfolio managers should reduce duration to protect fixed income portfolios from capital losses when interest rates are expected to rise.

Correct: In the Chinese onshore market, credit selection must go beyond surface-level metrics. It requires a dual approach of analyzing the issuer’s standalone financial health and the likelihood of external support, particularly for State-Owned Enterprises (SOEs). This must be balanced against the current regulatory stance of bodies like the CSRC and PBOC, which influences market liquidity and credit availability.

Incorrect: Relying solely on domestic credit ratings is often inadequate due to the high concentration of issuers in the top rating categories and potential rating inflation. Simply targeting the highest spreads over benchmarks like China Development Bank bonds ignores the underlying credit deterioration that causes those spreads to widen. Choosing to use asset size as the primary metric is a flawed strategy because large firms can still face severe liquidity crises or structural insolvency if cash flows are mismanaged.

Takeaway: Robust credit selection in China integrates fundamental financial metrics with qualitative assessments of government backing and the prevailing regulatory landscape.

Correct: Strategic Asset Allocation (SAA) is the process of establishing the long-term target weights for various asset classes. In the context of Chinese insurance fund management, this ensures that the portfolio is structured to meet long-term liabilities while adhering to the risk-return objectives and regulatory constraints set by the CBIRC.

Correct: Fundamental analysis focuses on determining the intrinsic value of a security by analyzing related economic, financial, and other qualitative and quantitative factors. In the context of the China A-share market, this involves a thorough review of a company’s financial health, the effectiveness of its corporate governance under the Company Law, and its ability to maintain a competitive edge in its specific industry.

Incorrect: The strategy of identifying short-term price trends and using statistical models describes quantitative or technical analysis rather than fundamental analysis. Choosing to minimize tracking error against a benchmark is the core objective of passive management or indexing strategies. Focusing only on national monetary and fiscal policy shifts represents a top-down macroeconomic approach that lacks the company-specific bottom-up scrutiny required for fundamental analysis.

Takeaway: Fundamental analysis determines a security’s intrinsic value by evaluating company-specific factors including financial performance, management, and competitive landscape within the industry.

Correct: In China, the regulatory framework requires all private fund managers to register with the Asset Management Association of China (AMAC) and comply with CSRC guidelines. Furthermore, the development of the C-REIT market is specifically designed to securitize infrastructure assets to support the real economy, making it the standardized and preferred route for institutional real asset exposure.

Incorrect: The strategy of allocating capital to unregistered pools fails to meet the mandatory registration and filing requirements established by the AMAC for private funds. Opting for offshore synthetic derivatives to bypass domestic position limits violates CSRC risk management protocols and cross-border capital regulations. Choosing to invest in residential property through non-standardized debt instruments ignores the current regulatory push for transparency and the specific policy focus on infrastructure rather than speculative residential real estate.

Takeaway: Alternative investments in China must prioritize AMAC-registered managers and utilize standardized structures like C-REITs to ensure regulatory compliance and transparency.

Correct: A clear investment mandate serves as the foundational document that bridges the gap between investor expectations and portfolio execution. In the Chinese regulatory environment, this mandate ensures that the portfolio manager operates within the risk-return parameters agreed upon with investors while strictly following the investment scope and limits mandated by the CSRC and the Securities Investment Fund Law.

Incorrect: Providing a legal guarantee of returns is strictly prohibited under Chinese asset management regulations to prevent systemic risk and moral hazard. Granting absolute discretionary authority to bypass constraints during volatility would lead to a breakdown in the investment process and potential regulatory breaches. Prioritizing short-term gains at the expense of the established risk profile ignores the fundamental requirement that investment activities must remain consistent with the fund’s prospectus and the long-term interests of the unit holders.

Takeaway: An investment mandate provides the essential structure to align portfolio management with investor objectives and regulatory compliance.

Correct: Under CSRC guidelines and the ‘New Asset Management Rules’ (Guiding Opinions on Regulating the Asset Management Business of Financial Institutions), the asset management contract is the primary legal document governing the investment. It must specify the investment scope, risk-return characteristics, and liquidity management to prevent ‘style drift’ and protect investors. Clearly defined mandates ensure that the manager operates within the agreed-upon risk appetite of the client.

Incorrect: The strategy of allowing the manager to exceed allocation caps during bull markets violates the core risk constraints of the mandate and regulatory requirements for strict adherence to asset limits. Opting for qualitative descriptions instead of specific limits fails to provide the necessary transparency and regulatory oversight required in the Chinese market. Choosing to rely on verbal agreements is legally insufficient and non-compliant, as all material terms and risk tolerances must be formalized in the written contract to be enforceable.

Takeaway: Investment mandates in China must be formalized in written contracts with specific risk-return parameters to ensure regulatory compliance and investor protection.

Correct: Brinson-Fachler attribution analysis is the standard framework used to decompose excess returns into allocation effects, selection effects, and interaction effects. This allows the manager to demonstrate whether the outperformance came from sector-level decisions or individual security choices, which is essential for internal reporting and regulatory transparency in China.

Incorrect: Relying on tracking error volatility assessment only measures the consistency of excess returns relative to the benchmark without identifying the specific drivers of performance. Focusing on Value-at-Risk (VaR) limit monitoring is a risk control measure designed to estimate potential losses rather than explaining the origins of investment gains. Choosing a Sharpe ratio comparison against peer groups provides a high-level view of risk-adjusted returns but fails to provide the granular decomposition needed to separate allocation from selection.

Takeaway: Performance attribution analysis decomposes excess returns into allocation and selection effects to identify the specific drivers of portfolio alpha.