PT  - JOURNAL ARTICLE
AU  - Emmanuel Acar
AU  - Pierre Lequeux
TI  - Pursuing the Debate on Active Currency Management
AID  - 10.3905/jai.2001.318984
DP  - 2001 Mar 31
TA  - The Journal of Alternative Investments
PG  - 9--28
VI  - 3
IP  - 4
4099  - https://pm-research.com/content/3/4/9.short
4100  - https://pm-research.com/content/3/4/9.full
AB  - This article investigates the performance of active currency programs either as an asset class or as an overlay. The authors find that managed currency funds have produced positive returns over the years that are mainly due to the presence of trends in the foreign exchange markets. An active currency overlay program has the potential to beat both hedged and unhedged benchmarks in terms of absolute and risk-adjusted returns