Question: The current market trends have proven to be difficult to predict. You have decided to invest in a portfolio of bonds that have 15 years to maturity, 7.5% semi-annual coupon and a current yield of 9.5%. 1 year later, inflation has caused the market interest rate to go up to 12.5%. What has been your HPR on your bond portfolio over this period? What types of fixed income instruments could you have invested in that would have helped protect the value of your bonds?