In an article titled “Signet to Add Pass-

Throughs,” which appeared in the October 14, 1991, issue of BondWeek , p. 5, it was reported that Christian Goetz, assistant vice president of Signet Asset Management, “expects current coupons to outperform premium pass-throughs 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?