Does anyone know what the difference is?
Where do you see the hedging and return-seeking that you mention?
In Asset Allocation
Contingent immunization is seeking excess return until your assets hit a certain knockout scenario, at which point you fully immunize your assets to grow and completely pay off a liability when it comes due.
Hedging return seeking is a 2 portfolio approach, in which one portfolio contains a hedging asset and it can either partially or fully hedge the liability, and the excess is put in a return seeking portfolio.
Been a while though so if my lingo’s off I am sure S2 will correct me.