Portfolio or asset managers who are on the other hand looking to maximize relative returns compared to an unhedged position will most likely adopt a strategy of active currency management whether the emphasis is on adding alpha or relative return. Either the portfolio manager or a professional currency overlay manager will “trade” the currency around a selected currency hedging benchmark for the explicit purpose of adding alpha. In most cases, this alpha is mea- sured against a 100% unhedged position, although it could theoretically be measured against the return of the currency hedging benchmark. With active currency management, the emphasis should be on flexibility, both in terms of the availability of financial instruments one can use to add alpha and also in terms of the currency hedging benchmark itself. On the first of these, an active currency manager should have access to a broad spectrum of currency instruments in order to boost their chance of adding value. Similarly, their ability to add value is significantly increased by the adoption of a 50% or symmetrical currency hedging benchmark rather than by a 100% hedged or 100% unhedged benchmark.