B和C怎么区分

问题如下：

Mowery informs Compton that DFC’s previous fixed income manager focused on the interest rate sensitivities of assets and liabilities when making asset allocation decisions. Compton explains that, in contrast, SD&R’s investment process first analyzes the size and timing of client liabilities, then builds an asset portfolio based on the interest rate sensitivity of those liabilities.

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.