Currencies: Managers' mixed bag


A number of systematic currency funds got hurt as the dollar's December sell-off spilled over into the first three weeks of January. As explained by FX Concepts, whose giant Developed Markets Currency program fell 2.98% for the month, "Even though the interest rate spread continues to climb in favor of the dollar . . . the dollar is not climbing as it should, considering the monumental spread in its favor." Sandy Grossman's Grossman Currency Fund also had a difficult month, slipping 2.66%. John W. Henry's Currency Strategic Allocation Program, which has the latitude to invest in currencies worldwide,