NO.PZ2018120201000016
问题如下：
Based on Exhibit 2, relative to Portfolio C, Portfolio B:
选项：
A.has higher cash flow reinvestment risk.
B.is a more desirable portfolio for liquidity management.
C.provides less protection from yield curve shifts and twists.
解释：
B is correct.
Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield curve. A desirable aspect of a laddered portfolio is liquidity management. Because there is always a bond close to redemption, the soon-to-mature bond can provide emergency liquidity needs. Barbell portfolios, such as Portfolio C, have maturities only at the short-term and long-term ends and thus are much less desirable for liquidity management
provides protection from yield curve shifts and twists.
老师一般什么情况下，这个protection 可以成立？针对 barbell bullet and laddered portfolio