I need to stress that this is a guess (hopefully an educated one...) - it's based on the meaning of "alpha" within an asset management context. Here's the definition I found in the Merrill Lynch Glossary (URL below):
"Measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by its beta). A positive alpha figure indicates that a fund has performed better than its beta would predict. Alternatively, a negative alpha figure indicates that a fund has under-performed, given the expectations established by the fund's beta. A high alpha is generally considered to be an indication of good, active management."

Just if you wonder what "beta" is... (same source):
*Related to Mutual Funds*: Measures a Fund's relative volatility, as compared to a standard market index, such as the S&P 500. (By definition a market's beta will always be equal to one.) A Fund with a higher beta (more than 1) is more volatile than the market.

*Related to Equities*: Beta is used to measure the volatility of a stock's price relative to the general market. The S&P 500 index is used as a proxy for the general market. Betas are shown for all U.S. stocks where a five-year trading history is available. A stock with a higher beta (more than 1) is more volatile than the market and vice versa.

In somewhat clearer language, a high "alpha" means that the fund manager has achieved a higher performance than expected, given the market performance and the fund's "sensitivity" vs. the market. This is a feature that's often used as a selling point for so-called "alternative investments" (aka "hedge funds").

In summary, I believe what they're referring to here is a presentation/memo/outline explaining the concepts used to achieve such superior performance. This is something you should definitely double-check with your client - maybe you can use these explanations as a substantiated background.


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Note added at 2002-10-28 22:17:49 (GMT)
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Sorry - forgot to add that you may want to add the English term in brackets => \"Outperformance-Exposé (High Alpha Briefing Note)\"