A bond portfolio that has high concentrations of bonds in both short-term and long-term fixed-income instruments with only a few in intermediate-term bonds. A barbell portfolio implements a trading strategy that concentrates on investments in the short- and long-term end of bond maturities. A barbell strategy is useful when short-term and long-term interest rates are higher relative to intermediate interest rates. This strategy allows investors to earn higher overall yields while still retaining the desired time frame for the bond portfolio.