Just take a Portfolio of at least 25-30 different receivables. The goal is, to elminate the single risk of each item in the portfolio (individual risk – ALPHA). The risk that is left over is the market risk (BETA). Its dimension depends like risk in general on the market, country or any other are the portfolio is concentrated on. To have more money than the amount that was raised by funding to beat the benchmark the fondmanager is orienting on its benchmark. He replicates the above mentioned portfolio by buying Derivatives. Since it......