Question 6 a) What is immunization within a portfolio management context? Give a detailed description and examples. How can immunization be achieved for a fixed income strategy? What type of fund would normally employ immunization techniques? Write a small paragraph and carefully justify your answers. b) A portfolio manager is running a strategy whose tracking error last year was close to zero. Based on this information only, can you comment on how successful this strategy is? More generally, provide the definition of tracking error and describe briefly whether a high or low tracking error is preferred, and why