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Warren Naphtal

Co-Founder and CIO, P/E Investments

Currency Matters – Methods for Managing Currency Risk

For U.S. Dollar-based investors, the embedded foreign currency exposure of international equity investments can significantly impact portfolio risk and returns. Leveraging over 30 years of currency management experience, Warren Naphtal, CIO and Co-Founder of P/E Investments, will spend this session discussing currency risk, portfolio impact, and common misconceptions about currency investing. Mr. Naphtal will also introduce several methods to manage this inherent currency risk, ranging from the more passive hedging approaches to active management, providing additional opportunity for alpha within diversified portfolios.


Warren Naphtal is the co-founder and chief investment officer of P/E Investments. Founded in 1995, P/E is a global money manager with $15B under management for institutional investors specializing in foreign exchange and global macroeconomic strategies. Prior to P/E, Naphtal was senior vice president, head of derivative strategies at Putnam Investments. Previously, he was a managing director of Continental Bank, where his responsibilities included head of global risk management and head of proprietary trading. Prior to Continental, Naphtal co-founded Grace Investments, and traded equity options for O’Connor & Associates. Naphtal is a graduate of the Sloan School of Management at M.I.T., a COGME scholar and received a B.S. in civil engineering from California State University, Berkeley.