
On dealer and currency choices, big US funds differ
Pimco, Vanguard and other fund giants account for up to 60% of forwards trades – but have very different hedging needs and dealer panels

Vanguard and Pimco made up more than a third of all foreign exchange forwards activity among US mutual funds in the first quarter of this year, while Vanguard alone was responsible for 25% in the second quarter, according to FX Markets’ analysis of more than 32,000 regulatory filings.
Vanguard’s filings show the fund manager had $181 billion of forwards trades on its books in the first quarter, while Pimco had $185 billion. Combined, they accounted for $366 billion of forwards trades out of a
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