Paused Capital, Active FX: The MillTech North America Fund Manager FX Report 2026
Policy uncertainty is delaying investment decisions across North America. This report looks at how fund managers are responding in practice: hedging more and further out, changing how they instruct FX trades and taking a more cautious approach to AI.
Please refer to our Research Disclosure Page for more information on the data referred to in the below.
Volatility cuts both ways
Funds are adjusting their hedges
AI is largely in evaluation stage
Fund size changes the FX picture
When policy uncertainty delays investment decisions across almost the whole market, FX becomes part of the capital allocation discussion.
Joe McKenna
Head of Fund Solutions
Longer hedges, changes to how FX trades are instructed and cautious AI adoption: fund managers’ response to uncertainty.