问题如下：
The investment process followed by DFC’s previous fixed-income manager is best described as:
选项：
A.asset-driven liabilities.
B.liability-driven investing.
C.asset–liability management.
解释：
C is correct.
Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Mowery notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy.
ALM可以分成Liability driven和Asset driven。DFC关于资产和负债的敏感性，所以不确定到底是Liability driven还是Asset driven，所以笼统的认为是ALM。但是SD&R明确的说是基于liability的敏感性来建立asset portfolio的，因而是Liability driven。可以这样理解么？
