the currency overlay program most appropriate for BrauntPensions

问题如下：

5. Based on Exhibit 2, the currency overlay program most appropriate for BrauntPensionskasse would:

选项：

A.

be fully passive.

B.

allow limited directional views.

C.

actively manage foreign exchange as an asset class.

解释：

B is correct.

BrauntPensionskasse provides the manager with limited discretion in managing the portfolio's currency risk exposures. This would be most consistent with allowing the currency overlay manager to take directional views on future currency movements (within predefined bounds) where the currency overlay is limited to the currency exposures already in the foreign asset portfolio. It would not be appropriate to use a fully-passive hedging approach since it would eliminate any alpha from currency movements. Further, a currency overlay program, which considers -foreign exchange as an asset class-, would likely expose Braunt's portfolio to more currency risk than desired given the given primary performance objectives.

A is incorrect because a directional view currency overlay program is most appropriate given the limited discretion BrauntPensionskasse has given the manager. A fully passive currency overlay program is more likely to be used when a client seeks to hedge all the currency risk.

C is incorrect because a directional view currency overlay program is most appropriate given the limited discretion BrauntPensionskasse has given the manager. In contrast, the concept of -foreign exchange as an asset class- allows the currency overlay manager to take currency exposure positions in any currency pair where there is value-added to be harvested.

中文解析：

根据表格2中关于Braunt的描述，他是有一定的风险容忍度的，并且允许上下5%的偏离幅度，即并不是完全的别动管理，也不是将其作为一项单独的资产进行完全的主动管理，只有B是正确的。