While studying the performance of a particular fund, an investor found that the historical estimates of the mean and variance of the fund's monthly return are 0.80% and 1.2%, respectively. She also estimated the mean and variance of the market portfolio's monthly return to be 1.0% and 1.5%, respectively, and the correlation between the return rates of the fund and the market is 0.60. The monthly risk-free return rate is constant at 0.1% in the past. The loadings of the portfolio for SMB and HML are estimated to be 0.20 and 0.50, respectively. The expected payoffs for the zero-cost strategies associated with SMB and HML are estimated to be 0.40% and 0.60%, respectively. (a) What is the beta of this fund? (b) According to the Fama-French three-factor model, is the strategy of this fund a good one? Why