and metal price risk factors are found to have explanatory power on the cross-section of currency returns, while commodity … common and oil factors do not. Although stock market risk is strongly linked to currencies in developed countries, the …

volatility or achieving tilts to systematic risk exposures. It is therefore essential for investors to examine whether these … strategies meet their own investment objectives and risk-taking preferences. Two main approaches to alternative beta are reviewed … in this paper: the ‘risk-based approach,' which entails reducing portfolio risk; and the ‘factor-based approach,' which …