问题如下：
At the start of last year, the expected return on the portfolio strategy implemented by McLaughlin was closest to:
选项：
A. 9.61%.
B. 9.68%.
C. 12.61%.
解释：
A is correct.
The expected return on the strategy (riding the curve) is calculated as follows.
In this case, the E(Change in price based on investor’s views of yields and yield spreads) term is equal to zero because McLaughlin expects the yield curve to remain stable.
请问怎么判断currency gain还是loss了？他是UK投资者，美元相对英镑贬值1.5%，那他的收益率不是应该+1.5%吗？ 谢谢