Question: In an article titled "Signet to Add Pass-
Through," which appeared in the October 14, 1991, issue of Bond Week, p. 5, it was reported that Christian Goetz, assistant vice president of Signet Asset Management, "expects current coupons to outperform premium pass-through as the Fed lowers rates because mortgage holders will refinance premium mortgages." If Goetz pursues a strategy based on this, what type of active strategy is it?