Dynamic Currency Management: Yes Alpha, No Beta

Course Details

Accredited SAQ CWMA recertification training amounting to 1 hour of study.

Topic: Financial Markets

Subtopic: Foreign Exchange



Investors always seek diversifying opportunities, and today this search takes place in an environment of high equity valuations, low bond yields, and increasing interest rates in some locations. Geopolitical, trade, and other macro influences pose vulnerability to potential downside from taking on more capital market beta. The merits of dynamic currency investing as a source of macro diversification and positive real return are often underappreciated and underused. Amid new and alternative asset classes, dynamic currency management is a well-founded, liquid, and viable source of investment alpha.


Learning Outcomes

- Currency management to provide positive real returns leveraging the tendency for currencies to revert to fundamental value (PPP).
- Currency management take advantage of macro economic inefficiencies.
- Currencies provide macro diversification via low correlation with equities.



This online video can be accessed at any time, up to the calendar year end if purchased in the first half of the year; or up the subsequent calendar year end if purchased in the second half of the year. 

In order to purchase this course CFA Society Switzerland members and guests must set up and login with a CFA Institute Id#.



CHF 100 for non-members.

CHF 60 for members of CFA Society Switzerland.






Thomas Clarke

Thomas Clarke

Thomas Clarke is a portfolio manager on the Dynamic Allocation Strategies (DAS) team and a partner at William Blair, where he shares responsibility for strategy setting and portfolio construction across all DAS portfolios. Previously, he was a member of Singer Partners’ investment team, with a special focus on currency strategy. Mr. Clarke has also served as a managing director and head of currency analysis and strategy for the global investment solutions team at UBS Global Asset Management, where he set currency strategies for multi-asset, global and international equity, and fixed-income portfolios; developed and oversaw the currency analysis process; and was a member of the global asset allocation, currency, and UK investment committees. In addition, he has served as head of currency for Rothschild Asset Management, where he spent 10 years as part of the fixed-income and currency group. Mr. Clarke has a BSc degree from the University of Manchester.