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。
currency overlay
Portfolio A prefer to the earn alpha but the firm doesn't have expertise to achieve these goal.So they should find the third-party manager.
我的表述自己都觉得很奇怪，但是自己不知道该怎么训练。麻烦老师斧正并给点练习建议。
