MARKET ANALYSIS
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Annualised Return Annualised Risk Information Ratio
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Annualised Return Annualised Risk Information Ratio 0D[ 'UDZGRZQ
-30RUJDQ *OREDO Aggregate Bond Index
Aggregate Bond Index & +\SRWKHWLFDO *(0 3OXV Strategy
6 3
6 3
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2.21
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Aggregate Index and 15 per cent of the hypothetical *(0 3OXV VWUDWHJ\ IRU WKH SHULRG -DQXDU\ WR
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of a portfolio of risk controlled emerging market currencies improved the return and reduced the YRODWLOLW\ RI WKH 6 3 Aggregate Bond Index.
Conclusion
Emerging economies are poised to become the powerhouse of global growth in the coming GHFDGH 7KH :RUOG %DQN DQWLFLSDWHV WKDW E\ the Chinese renminbi will be one of three global reserve currencies alongside the U.S. dollar and the euro13
. Undervalued emerging market currencies 14. DQG WKH -3 0RUJDQ *OREDO
DUH RQ D ULVLQJ WUDMHFWRU\ DV UHDO *'3 SHU FDSLWD LQ emerging economies converges towards developed economies. Investors can participate in the long term capital appreciation of emerging market currencies by investing directly in emerging market currency strategies. We caution that the bullish long term outlook for emerging markets is likely to be punctuated by episodes of VHYHUH ÀQDQFLDO GLVWUHVV such as the current anxiety about an impending U.S. UHFHVVLRQ 'XULQJ WKHVH periods, we believe that effective risk aversion ÀOWHUV SOD\ D FUXFLDO UROH in preserving investors’ capital.
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Autumn 2011 | Currency Investor 51
1.36
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