TY - JOUR T1 - Pursuing the Debate on Active Currency Management JF - The Journal of Alternative Investments SP - 9 LP - 28 DO - 10.3905/jai.2001.318984 VL - 3 IS - 4 AU - Emmanuel Acar AU - Pierre Lequeux Y1 - 2001/03/31 UR - https://pm-research.com/content/3/4/9.abstract N2 - 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 ER -