How has Cadence Capital Limited (ASX:CDM) performed with currency exposure and how does it look going forward?

CDM is a LIC with a long/short Australian and international equities investment strategy. Approximately 18 months ago, the Manager began investing in international equities and such securities have become a material component of the portfolio. The currency exposure to date has been unhedged, introducing an additional performance variable in the form of currency movement. The company will seek to pay a consistent and growing semi-annual dividend, franked to the maximum extent possible. Investment Profile::: Share Price ($) as at 17 August 2015, 1.44; Market Capitalisation ($m): 345.4; Ordinary Shares on Issue (m): 239.9 Options on Issue (m) 94.0; Fully Diluted Shares on Issue 333.9; ASX Code: CDM; 12 month L/H ($) 1.34/1.535; Management Fee (%), excl GST 1.0; Performance Fee (%) 20.0; Performance Hurdle Out performance of ASX All Ordinaries Acc Index. Independent Investment Research (IIR) has Initiated coverage on Cadence Capital Limited (ASX: CDM) with a Recommended Plus rating. Historically the Manager has outperformed the the ASX All Ords Accumulation Index since inception to 30 June 2015. For a more detailed look at CDM, please see attached IIR's report.