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I'm just wondering if there is any good, fundamental reason for not hedging.

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It reduces return?

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Yes, sorry, I meant besides that. Thanks for pointing that out. Like any type of insurance there will always be a cost.

But I'm also assuming this would reduce returns by a very small amount (percentage wise) if done by the fund itself (as opposed to the individual investor where transactions costs could admittedly be sizable). But I don't have any particular knowledge of the costs so this could be a bad assumption by me.