NO.PZ2019103001000035
问题如下：
The city also manages a separate, smaller bond portfolio for the Radford School District. During the next five years, the school district has obligations for school expansions and renovations. The funds needed for those obligations are invested in the Bloomberg Barclays US Aggregate Index. Kepler asks Ng which portfolio management strategy would be most efficient in mimicking this index.
A Radford School Board member has stated that she prefers a bond portfolio structure that provides diversification over time, as well as liquidity. In addressing the board member’s inquiry, Ng examines a bullet portfolio, a barbell portfolio, and a laddered portfolio.
Which portfolio structure should Ng recommend that would satisfy the school board member’s preference?
选项：
A. Bullet portfolio
B. Barbell portfolio
C. Laddered portfolio
解释：
C is correct.
The laddered approach provides both diversification over time and liquidity. Diversification over time offers the investor a balanced position between two sources of interest rate risk: cash flow reinvestment and market price volatility. In practice, perhaps the most desirable aspect of a laddered portfolio is liquidity management, because as time passes, the portfolio will always contain a bond close to maturity.
