Thought Leadership

Multicurrency Commentary 4th Quarter 2010

January 24, 2011

As readers of our past commentaries know, throughout 2010 we increasingly positioned portfolios for a global recovery. As a result, we entered the quarter with significant positions in the Canadian and Australian dollars relative to our benchmark. While these positions played an important role in our positive return vs. the benchmark, our underweight to the euro (the worst performing currency in our solution set) also made a contribution to outperformance.