Currency Management in Equity Portfolios
White Paper Series
UBS Global Asset Management White Paper Series
This article is taken from UBS Global Asset Management's White Paper Series,
dedicated to providing in-depth, innovative investment research. In addition to
research on specific asset classes, sectors and regions, we conduct studies of
broader strategic issues, and other investment-related topics that help advance
the intellectual foundation of our industry.
The White Paper Series is an integral part of Global Investment Solutions (GIS).
GIS helps UBS Global Asset Management maintain its position as a leading solu-
tions provider for institutional and private clients, building on our strength and
expertise in the areas of asset allocation and risk management. GIS offers a range
of solutions for clients' investment needs, including asset and liability modeling;
strategic and active asset allocation; risk management; portfolio management;
and education and training.
This publication is intended for limited distribution to clients and associates of UBS
Global Asset Management. Use or distribution by any other person is prohibited.
Copying or distributing any part of this publication without the written permission
of UBS Global Asset Management is prohibited.
Past performance is no guarantee of future results. The information and opinions
contained in this document have been compiled or arrived at based upon informa-
tion obtained from sources believed to be reliable and in good faith. All such infor-
mation and opinions are subject to change without notice and this document is for
information purposes only. It is not intended to be construed as an offer or a solici-
tation to buy or sell any securities. A number of the comments in this document
are based on current expectations and are considered “forward-looking state-
ments.” Actual future results, however, may prove to be different from expecta-
tions. The opinions expressed are a reflection of UBS Global Asset Management’s
best judgment at the time this report is compiled, and any obligation to update or
alter forward-looking statements as a result of new information, future events, or
otherwise is disclaimed. UBS AG and/or its affiliates may have a position in and
may make a purchase and/or sale of any of the securities or other financial instru-
ments mentioned in this document.
2006 by UBS Global Asset Management (Americas) Inc. UBS Global Asset Management is a business group of UBS AG. In the United
C6-0303 05/06 States, it provides investment advisory services through UBS Global Asset
www.ubs.com/globalam-us Management (Americas) Inc. and UBS Global Asset Management Trust Company.