A fixed income manager was recently hired to manage two Canadian government portfolios for ABC Corporation. These portfolios, shown in the table below, comprise ABC's total investments. The manager noticed that although the yield to maturity and modified duration of the two portfolios were similar, the portfolios were structured differently. Characteristics Portfolio A Portfolio B 2-year maturity 0% 50% 10-year maturity 100% 0% 30-year maturity 0% 50% Modified duration 7.2 7.7 Yield to maturity 5.9% 5.8% Which portfolio will provide the higher return (assuming an initial yield curve that is upward sloping) if there is a parallel shift of 50 bps in the yield curve. No calculations are necessary. Portfolio A Portfolio B