Evaluating Yield Curve Strategies in Rising Rate Environments

Consider a fixed income portfolio manager evaluating different yield curve strategies in response to an anticipated change in interest rates. The manager identifies three potential strategies: a bullet strategy, a barbell strategy, and a ladder strategy.

A bullet strategy concentrates on bonds of similar maturities, aiming to reduce interest rate risk during specific timeframes. Conversely, a barbell strategy invests in both short-term and long-term maturities, leaving a gap in the middle. Finally, a ladder strategy involves buying bonds with staggered maturities, which helps manage reinvestment risk over time.

If the manager believes that interest rates will increase in the near future, which strategy would be the most appropriate to employ in order to manage duration risk effectively?