As modern portfolios evolve, investors continue to seek new ways to diversify exposures and mitigate volatility. Currency exposure, once thought of exclusively as a risk to be hedged away, is today being embraced by some in mandates designed to generate returns. The form of such a mandate may vary widely, from a discrete, active strategy, to an emerging markets cash fund, to an unfunded overlay strategy. In this paper we focus on the discrete mandate, noting that significant overlap with an overlay strategy exists.