22016 mock question 43 truck case 0 buy and hold is outperforms??

the answer says buy and hold strategy can be expected to outperform a rebalancing discipline in an upward trending market, buy and hold never outperform anything and if you see upward trending you should use CPPI no? why is the answer saying buy and hold is in line with trending upward market expectation?

Buy-and-hold wont outperform CPPI in upward trending market but buy-and-hold outperform constant-mix strategy. In upward trending markets, an investor with a buy-and-hold strategy will not make any trade, leaving his portfolio to grow linearly as market prices go up. An investor with CPPI strategy will buy increasing amounts of stocks, implying that his portfolio to grow exponentially as market prices go up, hence the convex relationship.

Upward trending but _ oscillating _ - that’s the key. CPPI buys winners and sells losers, and has higher transaction costs. If market is straight up, CPPI outperforms. Oscillating and up, B&H is better.