NO.PZ201601050100001402
问题如下：
Lee and Wilson recently completed the annual portfolio review and determined the IPS is too short- term focused and excessively risk averse. Accordingly, the IPS is revised and foreign currency is introduced as a separate asset class. Lee hires an external foreign exchange sub-adviser to implement a currency overlay program, emphasizing that it is important to structure the program so that the currency overlay is allowed in terms of strategic portfolio positioning.
Discuss a key attribute of the currency overlay that would increase the likelihood it would be allowed in terms of strategic portfolio positioning
选项：
解释：
The IPS revision allows for a more proactive currency risk approach in the portfolio because it was determined Wilson was too short-term focused and risk
averse. Lee should structure the currency overlay so that it is as uncorrelated
as possible with other asset or alpha-generation programs in the portfolio. By
introducing foreign currencies as a separate asset class, the more currency overlay is expected to generate alpha that is uncorrelated with the other programs
in the portfolio, the more likely it is to be allowed in terms of strategic portfolio
positioning.
中文解析：
IPS允许在投资组合中采用更积极的货币风险方法，因为它确定Wilson过于关注短期和规避风险。Lee应该构建currency overlay，使其与投资组合中的其他资产相关性尽可能降低。把外汇作为一个单独的资产类别，它和组合中其他资产相关性越低，越有望在单独管理下产生更多的alpha，也就越有可能在投资组合的战略定位方面被允许。
老师您好，这题题干问 what factor makes it be allowed in terms of strategic portfolio positioning，我在答题的时候就会想到影响strategy 选择的三个因素： IPS，diversification 和 cost。
当然这题是以diversification 来回答。那我可否已cost的角度来回答，就说currency overlay是降低cost的，因为internal management 需要 专门的infrastructure，will incur great cost？
谢谢老师。
