FX FX MANAGERS
information and research received from traders and analysts, combine it with
their own analysis and
interpretation of phenomena, and focus primarily on structuring trade ideas and sizing portfolio allocations to synthetize views and investment themes in a balanced portfolio. Similar to research analysts, portfolio managers
focus
events, but have the added r esponsib il it y to “adapt” to de v elo pment s and perform “risk controls” around i n v e s tm e n t positions.
Finally, risk ma na g e r s oversee the entire portfolio structure and work closely with portfolio managers
on “anticipating”
FXTM You are in charge of the currency program. How do you describe your investment strategy?
AL: Te strategy is structured around two building blocks:
AL SEC, CFTC and FINRA
2) Active currency overlay program: qualitative and quantitative fundamental macro analysis informs the currency selection process, with the objective to identify and overweight those currencies with the highest appreciation potential, while reducing exposures to those currencies that are expected to lag or depreciate against the US dollar.
While small short currency positions are implemented on a regular basis, the bulk of the strategy retains a “directional” bias
that is
short US dollar / long foreign currency, as per the objective described in point 1.
to understand embedded
risk exposures on multiple levels: traded instrument, investment idea, overall portfolio, etc. Te objective is to provide a separate and independent analysis of portfolio risks, making sure these remain within pre-established and rigorous limits.
FXTM Which authorities regulate the company, OppenheimerFunds,?
54 FX TRADER MAGAZINE July - September 2013
1) Provide US retail investors with “directional”
exposure to to benefit in periods of foreign
currencies as an asset class, with the potential
generalized US dollar depreciation, while seeking to collect diversified currency income with limited duration and credit risk. Te asset class can be seen as a potential hedge against the inflationary consequences of US dollar depreciation, particularly import price inflation.
FXTM How did you create and develop your current FX management
strategy?
Has it changed over time, and if yes, for what reasons did you decide to change it?
AL It’s a research driven investment process. Research is based on fundamental macro analysis of the real economy
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