Some clients appoint Record to hedge the currency exposure in their underlying asset portfolios. As this involves only forward FX contracts, the physical assets remain with our clients' equity, bond and cash managers. As such, AUM numbers reported in 04.2 to the UNPRI only reflect the assets of clients who appoint Record to implement Currency for Return (CfR) programs that are subject to discretionay interventions. i.e. run investment programs which take on additional currency exposure (or risk) in order to generate a return.