Please indicate the only TRUE statement about hard currency debt portfolio management in Latin American markets

	a.	A passive bond portfolio manager will trade in and out of its positions depending on their views about US interest rates and rating changes for Latin American sovereigns
	b.	A passive bond portfolio manager could build a portfolio replicating the MSCI Latin American index
	c.	An active bond portfolio manager could use a market timing strategy, such as reducing the duration of the bond portfolio when she expects interest rates to rise
	d.	An active bond portfolio manager could use a market timing strategy, such as increasing the duration of the bond portfolio when she expects interest rates to rise