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The manager of a bond portfolio must immunize the portfolio to meet multiple liabilities over time. To do this the manager needs to: A. equate the duration of the portfolio with the duration of the composite of liabilities and have the distribution of durations of the portfolio’s assets be wider than that of the distribution of the liabilities. B. equate the duration of the portfolio with the duration of the composite of liabilities and have the distribution of durations of the portfolio’s assets be narrower than that of the distribution of the liabilities. C. make the duration of the portfolio higher than the duration of the composite of liabilities and have the distribution of durations of the portfolio’s assets be equal to that of the distribution of the liabilities. |