Record Currency Management

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Investment

Our investment products can be categorized into one of three strategies:

Currency for return (both in pooled funds and segregated arrangements)
Passive hedging (also known as ‘passive currency overlay’)
Active hedging (also known as ‘insurance overlay’)

Record also provides cash management (including ‘equitisation’) to support implementation of currency management mandates when appropriate.

»	Currency for return The objective of this strategy is to add value from the active management of currencies. Under this strategy, we have freedom to select currency pairs and the direction of position-taking. Overall risk is controlled by restricting the total gross size of a portfolio or by setting risk limits or targets. The strategy can be implemented through both pooled fund and segregated structures. Returns vary according to the risk budget applied. Thanks to the nature of our systematic investment process, programs can be structured to meet a wide variety of risk/return objectives. Record Currency Management Pooled Funds Record currently has 7 pooled funds denominated in Sterling, Euro and US Dollar. The funds are open to institutional investors of all types. The minimum investment is €250,000 or its equivalent in other currencies. All the Record Currency funds are Non-UCITS Qualifying Investor Funds, domiciled in Dublin, and form part of the Record Umbrella Fund. The fund’s trustee and custodian is Northern Trust Custodial Services (Ireland) Limited.
»	Passive hedging Passive management irons out all or part of the ‘ups’ and the ‘downs’ in international investment values that arise from changes in currency prices. It therefore reduces or eliminates currency risk. Record’s passive hedging programs are designed to minimize transaction costs and cash flow without compromising on adherence to passive benchmark returns. Our wide experience of currency trading, our painstaking attention to every detail of systematic processes, and our creative approach to problem-solving ensure that every client’s passive program matches their particular needs.
»	Active hedging Active hedging is the active management of the positions that might otherwise form part of a passive hedge program. The dual objectives are to reduce the currency risk associated with international investments through hedging, and to add value through active management of those hedges. Cross hedging, leverage, and short positions in the base currency are not involved.

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