FX hedging is one of the least standardised aspects of multi-asset portfolio management, with PMs taking very different approaches to setting hedge levels, maintaining discipline and reacting to shifting macro conditions. This session examines how PMs balance long-term hedging policies with shorter-term market signals, how they think about the appropriate level of unhedged currency exposure, and how they minimise hedge drag without undermining portfolio intent. Speakers will discuss the role of discretion versus systematic rules, how they interpret volatility and correlation shifts, and how they ensure hedging decisions remain aligned with broader investment objectives. A practical, PM-led discussion on building clear, consistent FX hedging frameworks across different market regimes.