1999-2013) t 8 M_ t. 0 et 4 o -8 .4)-12 • -16 • Non.commerciali Profit-seekers • Commercial i Liquidity-seekers AUD GBP CAD JPY CHF BA Soso Dostcheao* Stones, Finn* UP Figure 3: The Parker Index of currency manager returns has lagged (MM P&L in recent years despite continued positive correlation between