net returns with currency overlay manager

CFA Level III
#1

Volume 6 page 217 (top): If currency exposure is managed by a currency overlay manager, the asset manager does not have to worry about the contribution of currencies to the return on the portoflio because his perforamnce is evaluated net of currency return.

Wouldn’t it be evalued gross of currency returns?

#2

because he has no responsibility in currency risk so the currency impacts should be excluded…in his port return. …and is it called net of…

If it is gross (include), in case of negative currency return (lose) his performance will be impacted…