NO.PZ2018111501000010
问题如下：
Which of the following about currency overlay is least appropriate?
选项：
A.Currency overlay means outsource currency management to specialists or FX management firms.
B.The overlay manager will treat currency as an independent class.
C.By currency overlay, the client will minimize tracking errors relative to the benchmark.
解释：
C is correct.
考点：currency overlay
解析：currency overlay是将外汇管理外包给专业人士或者专业的外汇管理公司，这样可以降低运营成本、获得专业人士的服务。选择外汇管理外包就是将外汇当作一种独立的资产类别单独看待。外包通常是为了获取超额收益，即add alpha。
老师上课讲例题的时后也有说到, currency overlay可以做passive hedge, 哪怕只是被动管理也可以外包, 那不也是minimize tracking error吗?
