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The construction of an asset and a liability match that benefits from offsetting changes in value.

Price Immunization

A strategy of matching assets to future liabilities. That is, price immunization involves investing in certain securities with a certain expected return so that the investor will be able to pay for future liabilities. Pension funds and annuities use price immunization more than many investors because they have future liabilities that are both large and relatively easy to estimate. Portfolios that practice price immunization usually invest in low-risk, investment-grade securities. See also: Portfolio dedication.


A technique of investing in bonds such that the portfolio's target return is protected against interest rate fluctuations. Changes in returns at which cash flows can be reinvested are offset by changes in the value of the securities in the portfolio. See also bullet immunization.