wizofoz

that’s how I see it.
if you are a US investor holding a security that is based in Euros then if the Euro declines in dollar terms by 10%, but your asset increases by 4% then the total return in terms of dollars would be -.1 + .04 = -.06 or a loss of 6% once you translate back to dollars.
I assume this is correct, somebody correct me if I’m wrong.