7 Currency Hedge Funds Roundtable
2007 Outlook
By Robert Murray
Institutional investing in currency strategies has been rising, but many managers recorded lower-than-expected returns in 2006. What is the outlook for currencies this year, and will predicted outflows become a reality? AIN gathered specialists from various firms to discuss their approaches to currency trading and their expectations for the future.

6 Playing Favorites
Speculative FX Positions Turn Unidirectional, Crimping Volatility
By Nathaniel Baker
FOREX traders are apparently reading from the same script these days, as positions in major currencies are being crowded in one direction. The popularity of the carry trade, for example— borrowing a low-yielding currency and investing in a high-yielding one—has led to a unique situation where trading volume is high yet volatility has lessened.

10 Special Feature: Currency Investing
By Eric Rosenbaum
The currency markets were stressed last year by continued U.S. dollar weakness, yen underperformance, euro resilience and a lack of overall volatility. To find out how these trends are continuing to influence portfolios that invest in currencies, we took a peek under the hood of three managers with diverse views on the year ahead.

12 Under The Hood
News items of interest from AIN Staffers.

14 Eurekahedge Performance Roundup
Foreign Exchange Strategies End Heathy 2006 On High Note
FOREX managers closed a very exciting year this past December with several notable developments worldwide —the decline of the USD by more than 13% against the Euro and the British Pound hogging most of the limelight.

15 FOREX Provider Directory

16 Guest Column
Return Of The King?
Fundamentals Expected To Trump Carry Trades In 2007
By Bankim Chadha and Jens Nystedt, FX Research, Deutsche Bank
Developments in the major exchange rates in 2006 will make for a very interesting 2007. With the exception of the Swedish krona, the dominance of FX carry strategies meant that currencies moved even further away from their equilibrium values.

Download Hedge Fund Foreign Exchange Strategies Report 2007

PDF format, 2.7MB, 20Pages.

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EDITOR’S NOTE

Welcome to the inaugural issue of the 20 Rising Stars of Fixed Income, featuring fast-track professionals that are likely to set the pace in the rapidly changing world of bonds.

Like our finalists from other Rising Stars issues, we have again amassed an amazing array of talent, this time from the fixed income industry. From I-banking to asset management and financial analysis to technology, our Rising Stars encompass the most important asset classes—including three finalists in structured products and three in high yield.

We have several PhDs, several foreign nationals and a CEO as well as top managers from Goldman Sachs, JPMorgan and Bear Stearns in our finalists.We also spotlight a technology guru, some cuttingedge bond analysts and several bond portfolio managers, including one from Harvard Management.

We’ve also expanded our coverage of the market, supplementing our usual overview with a special compensation report sourcing one of Wall Street’s top pay experts, Alan Johnson.

This Rising Stars issue is the third in a series we will publish through 2007. Other industries to watch for include Equity Trading, Securitization, Private Equity and Pension Plans Rising Stars.

Our Rising Stars series has become popular with Wall Streeters because it can be easy to point out those at the top of their field, but how many of us know who is on the verge of making the headlines of tomorrow?

II News seeks to give you that edge.

Warm Regards,
Jessica Sommar
Editor of Business Publishing
Institutional Investor News

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