NO.PZ201601050100000105
问题如下：
5. The investment policy statement (IPS) for Portfolio A provides the manager with discretionary authority to take directional views on future currency movements. The fund manager believes the foreign currency assets of the portfolio could be fully hedged internally. However, the manager also believes existing firm personnel lack the expertise to actively manage foreign-currency movements to generate currency alpha.
Recommend a solution that will provide the fund manager the opportunity to earn currency alpha through active foreign exchange management.
选项： 解释： A solution is to put in place a currency overlay
program for active currency management. Because internal resources for active
management are lacking, the fund manager would outsource currency exposure
management to a sub-advisor that specializes in foreign exchange management.
This approach would allow the fund manager of Portfolio A to separate the
currency hedging function (currency beta), which can be done effectively
internally, and the active currency management function (currency alpha) which
can be managed externally by a foreign currency specialist. 中文解析： 本题考察的是currency overlay。 这种外包的方法将允许投资组合的基金经理将货币对冲功能和主动货币管理功能分开，前者可以在内部有效地进行，后者可以由外汇专家在外部进行管理。
这道题我看currency alpha以为考点是forward rate bias, 结果完全偏了。
请问老师，对于考derivative overlay的关键词有哪些呢？
对于考forward rate bias 的关键词又是哪些呢？
