Managing emerging market currency exposures

Conventional wisdom says long-term investors in emerging market assets will bene t from the respective currencies appreciating as these economies grow. Hedging this risk makes little sense as it would wipe out a potential source of returns.

The same wisdom also argues that even if currency created a risk rather than a return for investors, it would be pointless to put hedging in place as the costs are too high and these markets are too illiquid.

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