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The Role of Currencies in Institutional Portfolios
Key Takeaways When investing internationally, movements in the relative values of base and foreign currencies can expose portfolios to significant risks Passive currency hedging can reduce portfolio volatility but involves return-reducing costs and negative cash flows when foreign currencies appreciate Active hedging varies the hedge ratios for different currencies based on market conditions to avoid […]
Fixed Income Quarterly Outlook – Q3 2018
Goldilocks and the Three Bears Overview Three themes have emerged to challenge the Goldilocks narrative that supported risks assets through the second half of last year – signs of diverging growth across major economies, a stronger US dollar, and material risks of a broadening trade war These “three bears” are likely to make for a […]
