Building returns through overlay

Foreign exchange

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Remember the days when, in the equity investment management community, everybody won a prize? With double-digit returns regarded almost as the divine right of cross-border equity investors for so much of the 1990s, currency fluctuations were viewed as irrelevances that would always come out in the wash over the long term, with losses (or gains) of 0.5% here or 1% there nothing to lose any sleep over.

With feast having turned so decisively to famine, and with few strategists seeing anything to su

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