"Bond managers rely on currency beta strategies. Both the G10 and Global carry and the value strategy are preferred by professional bond investors... Bond managers [should] pay closer attention to the return attribution of ... currency management, [because] global bond fund returns can be related to currency-risk factors, [and] alpha-generating currency management could improve diversification and the risk-return ratio in a global bond portfolio."
KONSTANTINOV, G. (2017). Currency Crowdedness Generated by Global Bond Funds. Journal Of Portfolio Management, 43(2), 123-135.
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