Autumn 2011 Contents LEADER
12. Passive Currency Management: policy decisions and optimal implementation
Jay Moore outlines why implementation and transparency have moved to the forefront of the currency management industry as investors measure performance in basis points, rather than percentage points.
CURRENCY MANAGEMENT
16. Active Strategies - currency hedging that can deliver smarter risk management
Gerry O’Kane canvasses some industry opinion on what are WKH NH\ EHQHÀWV DQG LVVXHV DVVRFLDWHG ZLWK DFWLYH FXUUHQF\ management as it starts to get a new breath of life.
22. Conscious Currency™: helping to meet the challenge of currency market risk.
Ian Toner proposes a different way to look at the portfolio issues posed by currency risk and why investors should think of the currency risk derived from unhedged international investments as though it were the result of holding an unfunded currency portfolio.
INVESTOR PERSPECTIVES
28. Performance analytics - helping to bring transparency to the FX pricing process
Gerry O’Kane explores why there has traditionally been a lack of price performance analysis in currency management and what steps are now being taken to address this.
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Dori Levanoni outlines how the underlying idea (i.e. the Beta) is the source of returns and not the particular assets used to access that Beta and therefore why, as long as we believe there are Betas in the World somewhere, we also have to believe there are FX Betas.
MARKET ANALYSIS
%XLOGLQJ QHZ LQYHVWPHQW RSSRUWXQLWLHV ZLWK China’s Renminbi
Internationalisation of the Renminbi is well underway and Philip Poole discusses how this is opening up new investment opportunities, in particular, with Dim Sum bonds which have particular appeal for international investors.
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Thanos Papasavvas sets out to discover what led the Swiss National Bank (SNB) to recently peg the Swiss franc to the euro and where investors will choose to invest now that the Swiss franc no longer expresses an isolated safe-haven currency.
46. Making the case for investing in Emerging Market Currencies Monica Fan discusses emerging market currencies as an
asset class and the advantages of investing directly in them LQFOXGLQJ WKH SRWHQWLDO WR EHQHÀW IURP WKH DSSUHFLDWLRQ LQ undervalued EM currencies without having to be exposed to the duration risk and credit risks associated with emerging market debt.
FORUM 52. The CI Pension Fund Forum
Currency Investor talks to Klaas Reedijk, head of allocation and overlay at APG Asset Management, Neil Williams, General Manager, asset allocation at the New Zealand Superannuation Fund and Jan Willem van Oostveen, investment manager at PFZW the Dutch healthcare and social worker pension fund.
CURRENCY INVESTOR ROUNDTABLE
58. The question of currency risk - helping investors to make the right choices
With Karen Shackleton, Chief Executive, AllenbridgeEpic Investment Advisers, Diane Miller, Principal at Mercer and Joe Bracken, Head of Macro Strategies, BT Investment management.
CI INTERVIEW
65. With Peter Panholzer, CEO of DynexCorp, one of WKH ROGHVW &XUUHQF\ 0DQDJHPHQW ÀUPV LQ WKH ZRUOG
REGIONAL REPORT
74. Regional Currency Investment Perspective on Latin America
Richard Willsher discovers that high GDP growth rates in Latin America are fuelling currency plays and investment opportunities across the region, though it is not all plain sailing.
VIEWPOINT
82. Tackling the question of multi manager selection Pablo Frei explains the art of manager selection.
INVESTMENT PRODUCTS
84. The Currency Asset Class - too easily overlooked E\ UHWDLO LQYHVWRUV"
Currencies can help investors diversify their portfolios and lower risks, and, as Carl Resnick explains, through exchange traded funds, now high net worth and retail investors can gain access to a wide variety of currencies.
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%ODFNWUHH &XUUHQF\ ,QGH[ 3%&, Autumn 2011 | Currency Investor 03
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