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The exposure differs; the discipline does not.
A corporate hedges what reaches the profit and loss account, and has to explain the decision to a board that did not make it.
A sponsor carries currency and rate risk twice over, once at fund level and again inside every portfolio company.
Currency hedging in a fund is an operational process as much as a market one, and it is measured in basis points of tracking error.
A charity spends in the currencies its programmes run in and is funded in another, so every rate move is programme money. Audere Charities works with organisations on payments and treasury day to day; Audere Advisory sits behind it on hedging policy, execution and reporting.
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