Immunization

是的，仅看答案的话有这个意味在，但这个答案是针对题干的问题作出的回复，联系上下文没有矛盾哈。

因为对应的题干是这句：

Hannon explains that assuming constant yield and duration, higher convexity is a beneficial property of a fixed-income portfolio.

题干的这句描述就是在说Convexity对于FI portfolio来讲是一个beneficial的属性、优质属性。其实就是在说Convexity越高越好，那按照这个说法看起来应该是Portfolio Y更合适。

紧接着回答的时候，答案作出了反驳：

尽管组合Y的Convexity更大（Convexity的确是债券的优质属性，但是我们现在做的是Duration-matching，Duration-matching并不追求Convexity最大，Duration-matching追求的是资产与负债的数据匹配），所以导致Portfolio Y并不是最佳的组合。

所以答案的Despite....是针对题干上面标黄这句的反驳

Despite Portfolio Y’s notably higher convexity, it doesn’t render it a more suitable option due to the significant duration mismatch

要避免歧义的话，可以这么回复：

although convexity is a beneficial property for fixed-income active investment, a single liability duration matching strategy should have convexity as small as possible to minimize structural risk