George Aubrey, CFA, is a fixed income portfolio manager. Aubrey is an active manager who often profit from changes in interest rates. When selecting bonds on the yield curve the following is least accurate: 

1. when a manager who has a long position on bonds anticipates an increase in interest rates, he will select a bullet strategy, where funds are shifted to short term maturity. 

2. when funds are invested equally in either short, medium or long duration bonds; this is referred to as bullet strategy. 

3. when funds are split between short and long duration bonds; this is referred to as barbell strategy.

4. when bonds are staggered equally over the whole yield curve; this is referred to as ladder strategy.

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