The market and short-term Alpha volatility were further aggravated in October as trade volume dropped and general risk appetite continued to decline.Despite challenges posed by the need to strictly control exposed risk factors, the Machine Learning Model demonstrated a fast response. Meanwhile,Base Environment disrupted the NAV of the Market Neutral Strategy.

From our point of view, the equities market would be comparatively flat and the Alpha would quickly stabilize after a brief period of sharp swings.It turns out that since November, Alpha has indeed behaved as anticipated.