32. ABC Life Company acts as the fund manager for a number of defined-benefit pension plans. Its specialty is to construct portfolios such that the surplus of the plan has low volatility. To do that, ABC must construct portfolios that behave most like

A. a long position in a fixed-rate bond.

B. a short position in a floating-rate bond.

C. a long position in a floating-rate bond.

D. a short position in a fixed-rate bond.

Correct answer is D

'A defined benefit obligation for a life company behaves very much like a short position in a fixed rate bond' ? quote from the chapter.

不知道是我英文理解问题， 我觉得对于ABc公司的责任等同于short fix rate bond, 但是从构建组合投资时候，abc应该long fixed rate bond, 为何不是选A
求解