Are currency managers adding value?

Over the past few years, currency managers have taken a lot of stick for losses linked to the carry trade, with many investors openly questionning whether currency managers add any value.

Of course, such bold statements are borne out of negative experiences and perhaps a lack of understanding of the strategies available. As with any asset class, currency too requires the deployment of a diversified portfolio of strategies to hedge against a turn in fortunes – particularly when markets are as