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Passive and active currency management can mean different things depending upon the context in which they are used. “Passive” currency management can be where a portfolio manager simply does not take a position on the currency movement and accepts whatever appreciation or depreciation of the currency in the portfolio. If their asset allocation differs from the benchmark this would be considered “active” currency management even though they may claim to be passively managing the currency. Thus passive currency management can be represented by not hedging the currency risk by investing in the foreign market in the same amount as found in the benchmark or hedging the currency risk of an investment by selling forward or futures contracts in the same amount as invested in the foreign asset.