Assume that the economy has three types of people.20% are fad followers, 70% are passive investors, and 10% are informed traders.The portfolio consisting of all informed traders has a beta of 1.2 and an alpha of 3.04%.The market has an expected return of 9% and the risk-free rate is3%.

What is the alpha for the fad followers?Enter your answer as a percentage to two decimal places (i.e. 0.12% rather than 0.0012; the percent sign is not necessary).