Advantage of combination immunization strategy

CFA Level III Fixed Income
#1

Hello,

Please help me to understand the yield part of the below-mentioned strategy.

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Thanks in anticipation

#2

boy I hope i don’t butcher this one.

short end of the yield curve is steeper generally so it’s more susceptible to nonparallel shifts. By having (receiving CF) early on during the step part of the curve you have less exposure to nonparallel shifts in the short end of the curve.

#3

Make sense Thanks