This session provides a clear framework for how PMs think about FX within broader portfolio construction- not just as a hedge, but as a potential source of return, diversification and macro expression. The speaker will explore how currency exposures interact with equities, fixed income and alternatives, how PMs decide when to run currency risk versus neutralise it, and how FX behaves across different macro regimes. A practical guide to integrating currency views, exposures and return drivers into disciplined multi-asset portfolio design.