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CURRENCY: THE KEY TO PERFORMANCE
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Trade Publication Article
CURRENCY: THE KEY TO PERFORMANCE
2004
Overview
Canadian plan sponsors cannot contemplate adopting a global portfolio without tackling the thorny issue of currency exposure. Before adopting a solution, it is important to understand the benchmark implications of currency exposure as well as to dispel a number of myths about active currency management. Currency exposure is desirable over the long run, because it helps reduce volatility without undermining returns while still constituting a sizeable tactical challenge for Canadian plan sponsors. Myths about active management include: 1. Currency exposure creates an asset-liability mismatch. 2. Managing currencies is too expensive. 3. Underlying stock and bond managers already take care of currencies. 4. Currency markets are too efficient to make money. 5. It is impossible to forecast currencies.
Publisher
Groupe Contex Inc
