能不能详细解释一下different A

问题如下：

The Abiquia asset portfolio benchmark has a US Treasury debt component. Puhuyesva asks Honanie to explore choices for that piece of the portfolio and provide an executive summary to her. Honanie’s summary compares laddered, bullet, and barbell portfolio structures, assuming the same portfolio value and duration, and highlights three key differences.

• Difference 1: The laddered portfolio would have lower convexity than the other portfolio styles.

• Difference 2: The laddered portfolio would provide for better liquidity management relative to the other portfolio styles.

• Difference 3: The laddered portfolio would provide better diversification over the interest rate cycle compared with the other portfolio styles.

Of the differences between a laddered strategy for fixed-income portfolios and bullet and barbell strategies described by Honanie, which is least likely correct?

选项：

A.

Difference 3

B.

Difference 2

C.

Difference 1

解释：

C is correct. Given the same value and duration, of the three types, the bullet portfolio would have the lowest convexity and the barbell portfolio would have the highest. The laddered portfolio would have a convexity in between the two.

A is incorrect because the laddered portfolio would regularly buy new long-term securities to replace maturing securities on the short end. To the extent interest rates are volatile, the laddered portfolio would eventually contain a mixture (diversity) of high- and low-yielding securities.

B is incorrect because the laddered portfolio would always have some securities with little time remaining before maturity. These would be good collateral for a repo or loan or would shortly turn into cash (upon maturity), thus providing high liquidity.