NO.PZ2018111501000009
问题如下：
Which of the following currency risk hedging strategy is the best description of discretionary hedging?
选项：
A.It is a rule-based approach that removes almost all discretion from the portfolio manager.
B.Portfolio manager has limited discretion on currency risk exposure, such as 5% deviation.
C.Its primary goal is to add alpha to the portfolio, not to reduce risk.
解释：
B is correct.
考点：四种不同的hedging strategy对比。
解析：
共有四种currency risk hedging strategy：passive hedging, discretionary hedging, active currency management, currency overlay。其中，discretionary hedging允许基金经理有一些自己的观点，可以少量偏离基准，例如5%的偏离，B正确。它的目标是在减少currency risk基础上获得适当的currency return ，所以C错。A选项说的是passive hedging。
外汇管理里还有一道题说的是currency overlay是将外汇作为单独一类资产进行管理（这个完全理解），目标是获得alpha（也可以理解），我的问题在于那么active currency management应该也是以获取alpha为目标？请助教对active的方法与overlay进行进一步辨析。
