Bullet portfolio
A holding whose maturities are concentrated around a single date.
How to read the number
It suits a need for money at a particular moment: almost all of the return arrives in one flow, leaving less to be reinvested at an unknown rate.
When the metric lies
The whole sum lands on the market on one day, and what the rate will be then is unknown. Concentration in time removes one risk and sharpens another.
Also known as: bullet, concentrated maturity portfolio