A client has hired your firm to manage their fixed income portfolio. The investment policy statement allows you to differ significantly from the AA-rated benchmark index in regard to Treasury and Corporate exposure, and you are encouraged to include international securities, below investment grade bonds, and other 'out of index' sectors when the economic environment is appropriate. In exchange for this flexibility, your client expects you to generate consistently higher risk-adjusted returns than the benchmark index. How would you best categorize this investment strategy? Group of answer choices

Active and Conservative

Passive and Aggressive

Active and Aggressive

Passive and Conservative