烦请老师帮忙看下是否可以这么回答，谢谢老师

NO.PZ201601050100000105 问题如下 5. The investment polistatement (IPS) for Portfolio A provis the manager with scretionary authority to take rectionviews on future currenmovements. The funmanager believes the foreign currenassets of the portfolio coulfully heeinternally. However, the manager also believes existing firm personnel lathe expertise to actively manage foreign-currenmovements to generate currenalpha. Recommena solution thwill provi the funmanager the opportunity to earn currenalpha through active foreign exchange management. A solution is to put in plaa currenoverlprogrfor active currenmanagement. Because internresources for active management are lacking, the funmanager wouloutsourcurrenexposure management to a sub-aisor thspecializes in foreign exchange management. This approawoulallow the funmanager of Portfolio A to separate the currenheing function (currenbeta), whicne effectively internally, anthe active currenmanagement function (currenalphwhicmanageexternally a foreign currenspecialist.中文解析本题考察的是currenoverlay。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currenalpha以为考点是forwarrate bias, 结果完全偏了。请问老师，对于考rivative overlay的关键词有哪些呢？对于考forwarrate bi的关键词又是哪些呢？

NO.PZ201601050100000105 问题如下 5. The investment polistatement (IPS) for Portfolio A provis the manager with scretionary authority to take rectionviews on future currenmovements. The funmanager believes the foreign currenassets of the portfolio coulfully heeinternally. However, the manager also believes existing firm personnel lathe expertise to actively manage foreign-currenmovements to generate currenalpha. Recommena solution thwill provi the funmanager the opportunity to earn currenalpha through active foreign exchange management. A solution is to put in plaa currenoverlprogrfor active currenmanagement. Because internresources for active management are lacking, the funmanager wouloutsourcurrenexposure management to a sub-aisor thspecializes in foreign exchange management. This approawoulallow the funmanager of Portfolio A to separate the currenheing function (currenbeta), whicne effectively internally, anthe active currenmanagement function (currenalphwhicmanageexternally a foreign currenspecialist.中文解析本题考察的是currenoverlay。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。 they capt currenoverlay, this to outsourheing part of currenmanagement portfolio to externmanagers, 这样说是不是不能得满分，因为overlay是把heing的部分自己内部解决，把active mangement的部分outsource？

NO.PZ201601050100000105 问题如下 5. The investment polistatement (IPS) for Portfolio A provis the manager with scretionary authority to take rectionviews on future currenmovements. The funmanager believes the foreign currenassets of the portfolio coulfully heeinternally. However, the manager also believes existing firm personnel lathe expertise to actively manage foreign-currenmovements to generate currenalpha. Recommena solution thwill provi the funmanager the opportunity to earn currenalpha through active foreign exchange management. A solution is to put in plaa currenoverlprogrfor active currenmanagement. Because internresources for active management are lacking, the funmanager wouloutsourcurrenexposure management to a sub-aisor thspecializes in foreign exchange management. This approawoulallow the funmanager of Portfolio A to separate the currenheing function (currenbeta), whicne effectively internally, anthe active currenmanagement function (currenalphwhicmanageexternally a foreign currenspecialist.中文解析本题考察的是currenoverlay。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。 CurrenOverlProgrameCurrenOverlPrograme cenable to take rectionviews on future currenmovements anoutsourto the professionexpertise to actively manage foreign-currenmovements to generate currenalpha.这样可以得满分吗？谢谢

    请问一下，是否需要考虑hee/not的问题？比如recommento partially hee，whiis less costly tha full hee. Also, it is possible to benefit from favorable currenrate movements a partihee, thus, it hthe potentito enhancurrenalpha further.但，问题是，currenoverlseparates currenalph hee mantes，如答案所言，alpha is manageexternally，就不属于funmanager的concern了，对吗？所以最后recommention不需要考虑hee与否的问题？另外，funmanager internally manages currenbeta，这里是指manages risk alone吗？为什么不是整个risk return of curren呢？基础课里有说到，currenoverltreats curreninpennt asset class，那是不是可以理解为，risk return a whole 被separate出来，单独管理呢？谢谢！