The Role of Currency in Institutional Portfolios - Softcover

Currency risk management continues to fascinate and confound institutional investors. One reason is that it hard to find a truly good reference book that explores all of the implications, benefits, and risks of currency hedging. Finally, one book has brought together the best thinking on currency risk management, shedding light on both the strategic and tactical role of currency in an institutional portfolio. --Mark Anson (President and Chief Investment Officer, Acadia Investments, Bass Family Office)

Momtchil Pojarliev and Richard Levich, who partnered to write an excellent short book on currency investing in 2012, now present the collected writings of pretty much everybody who is anybody in the field. While many investors overlook currency as a risk factor and source of opportunity, it s vitally important in a world where emerging countries represent an ever-bigger share of the market and the power of central banks continues to grow. --Laurence B. Siegel (Gary P. Brinson Director of Research, CFA Institute Research Foundation)

Investment professionals cannot afford to ignore this enlightening work on currencies. Momtchil Pojarliev and Richard Levich have selected insightful content from various thought-leaders that enhances your chance of successfully managing institutional portfolios. --Bud Haslett, CFA (Executive Director, CFA Institute Research Foundation)

The Role of Currency in Institutional Portfolios offers a comprehensive description of currency investing and will re-evaluate the potential role of currencies in institutional portfolios. The empirical evidence suggests that institutional investors are persistently failing to achieve their goal of superior returns or "beating the market". This book focuses on currencies, an overlooked market segment, and investigates the question of how currency investing could be part of the solution of achieving the required investment returns. Chapters include: Alternative Currency Hedging Strategies with Known Covariances: Wei Chen (State Street Associates), Mark Kritzman (Windham Capital Management) and David Turkington (State Street Associates) The Carry Trade - Theory, Strategy and Risk Management: Mike Rosenberg (Bloomberg) The Currency Investing Process: Managing G10 Currencies: Ulf J. Lindahl (A.G. Bisset Associates, LLC) Currency Management Styles: Ten Years Later: James Binny (Lloyds Commercial Bank) The Future of Currency Investing in Institutional Portfolios: Michael Melvin (BlackRock)