A market$-$neutral fund $($$$165,000,000)$ strives for very low market risk $(\backslash$beta $=0\mathrm{.}14).$ It believes it can generate $\backslash$alpha $=0\mathrm{.}05$ per quarter. The $\backslash$beta of the underlying portfolio is $1\mathrm{.}34.$ The risk$-$free rate is $0\mathrm{.}5\%$ per quarter and the S&P $500$ is currently priced at $4,000($E$-$mini S&P $500$ multiplier $=$ $$50).$

Required:

If the S&P $500$ is $3,800$ at the end of quarter, what is the expected return on the portfolio?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.