 बिस्मा लायय रह्खबान रहीं आप पक ठूत बश्ची यहगे समन हैं दाड़्द थी वाद जो बाग्द इसचिछे अया मेंझी घिना पक यहगे सवळस्ती हैं. कर रिस्क थे हैं हैं कर रिस्सी का एंपैक्त मग़ी पूड्पोलिो में क्या एं? अद्टाग ठाँ खीज करना भी चाही हे, अन खीच रहते है। तो क्या हुता हुता हुता हुता और लिट्गिकली एक बी जाएगा, अथकम्स क्या आईँ वो हम आज दिसकष गरेंगें। अपनी गॉ़रे लिक्विती श्वेत, वो बहुने � volte तु्रईज़् हेज्ँ देशाच करन्तु सीज जे तुर्छक्ते वो हैजिंक्त में आईईगा, वो वो बहुनेगे पूगच्रग ज़ थी, वो फbagsस द्र हैजिंक। उत्हाँस तुर्छकचक करन्त्ते, थुर्छक। वो 0% । । आप यरो 4% । अवल या बद़ा आप या ईंपक्त है लगज्ट की ही भात् रही है लगरन्सी लिए सूँस नका है क्या और लीज तॉर जोलर औलगे seven percent so even with the hedging you can see variation and the impacts are different leaving investment un hedged can lead to wide discrepancies in absolute returns but also in risk adjusted returns if you don't have any impact then its variation discrepancies are very high and the risk adjusted returns have an impact because you are taking an extraordinary risk so maybe your absolute return is more but the risk adjusted return will not be so much because you have kept the risk levels more hedged returns tend to provide better risk adjusted returns what is the benefit of hedging your risk levels are less then with the given level of risk which you have earned returns is better when you are hedged as over long term currencies increase volatility but not return because currencies have to get more returns so much impact so when you are hedging them then you are reducing the risk factor so your risk adjusted return will get lost and we have already said that absolute return doesn't keep as much as risk adjusted return because take a lot of risk and earn more returns this is not an efficient structure efficient is that you earn more returns at a given risk level that's where the key role is that the finance professional is that you earn good returns at a low risk so when there is a comparison then the risk adjusted base is more meaningful also most global indices are heavily skewed towards us asset this we know that the major indexes are more inclined towards the US dollar impact more as a result of difference between hedge returns and hedge returns are limited so the impact of hedging can also come to a certain level because how much are the currencies in your currency relevant how much are the other currencies so it will also impact that your hedging is so effective how fruitful it can be for other countries the return difference can differ widely depending on timing that at which level you are entering at which level you are falling or the movement of the currency is coming at which level so this is a big impact on the returns of our entire portfolio the entire dynamic is being impacted so we have to see how many proportions there are other currencies how much proportion is our domestic and what time is entering because as we have already talked about 2016 there was an extreme case when in currencies in the pound or dollar there was a huge change which the portfolio has greatly impacted the fixed income assets are generally considered less volatile fixed income is that you are in bonds or anything which is having a fixed stream of interest rates which is well known so more than the risk level compared to stocks compared to equity already lower side and therefore make sense institutionally to hedge any foreign currency so in this the same way our stream cash flow is defined we know when we have to come how much maturity how much co-ponds how much so here hedging role is more good trigger but it is same for equities no equities dynamics difference equities structures we don't know when the company has to give up dividend not to give profits what movement will come in the stock price how much change will be there that is quite a volatility so the stock's own risks of individual capacity are very high commonly accepted thought is that equities embed a degree of currency hedging let me come again that what we are saying is that the stocks they already have some currencies hedging is it so yes for example you bought a textile mill share textile mill more work is exported now when it is exported from outside its money means it already has an exposure of currency so the company itself is managing the currency risk very well so this means if the investor buys his share then directly if he does not do the hedge then the company's hedging will get benefit to him because the company who has to take foreign payments foreign work then he is already doing his own hedge so you are getting a kind of hedge stock most of the case is not necessarily that all the companies are doing very well but every company is trying to hedge out their portfolio while this may be true it is difficult to understand the extent to which this hedging occurs but we don't know how many percent hedging can happen that we are the bearish on the currency so that can be the difference of views now we will keep it here then we will discuss it further