This fund tracks the S&P500. Notice how the market beta is 1.0 with a bias towards large cap stocks (SMB=-0.2).

Notice how this fund has plenty of market beta but negative alpha. The fund is actually inferior to a passive investment in the stock market which is tilted towards small (SMB=0.4), value (HML=0.4) stocks.

Notice how this fund has plenty of alpha in addition to its beta exposures. The manager is adding value.

This fund of funds is truly pure alpha. Notice the complete lack of beta and positive alpha. Most supposed pure alpha funds are not as market neutral as this fund.

This is one of the world's largest fund of funds. Notice how they provide minimal alpha but do well to diversify equally across all beta factors.

Plenty of alpha in this fund and minimal beta demonstrating that the fund is truly generating alpha from its statistical arbitrage strategy and not from hidden betas