In my portfolio I have a number of Equites and Bonds which are “sterling hedged”:
What does this mean? I assumed it was related to GBP Sterling, but there’s an S&P which is “sterling hedged”.
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When you invest in a non-GBP asset such as S&P (USD) or Developed Markets Gov Bonds (various currencies), you participate in the asset's volatility as well as the currency volatility.
Consider the S&P 500, which is an index denominated in USD. If the index went up, you would expect to have made a profit. However, if the USD also weakened against GBP, then that USD profit might translate to a GBP loss.
[Currency-hedged investments] use currency exchange contracts to cancel out the impact of exchange rate movements on an investment. - The Telegraph, Should I invest in a fund with a 'currency hedge'?
Based on what you've shown in your question, I'd take "sterling hedged" to mean that the investments allow you to participate in GBP, with the GBP performance of the investment tracking the performance of the underlying investment, regardless of the underlying investment's natural currency. (Note that the tracking may not be exact since currency hedging isn't necessarily revenue-neutral.)
Disclaimer: I am not providing investment advice. Please consult an appropriate professional before making any investment decisions.