Measuring What Matters In Public And Private Fixed Income
Source: SeekingAlpha
2026-05-27 09:15:00 ET
Key takeaways:
- Bond benchmarks are useful but not investable: Because fixed income indices are essentially impossible to replicate in a portfolio, investors should consider more relevant comparisons to evaluate passive and active bond performance.
- Active management has tended to benefit bonds: When measured against passive portfolios investors can actually own – rather than theoretical bond indices – most actively managed bond portfolios have outperformed their passive peers, especially over longer time periods.
- Private credit has no true benchmark: In the absence of a standard yardstick, direct lending can appear to perform well by default; however, alternative measures of relative performance suggest excess returns versus adjacent public credit markets have narrowed in recent years.
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Measuring What Matters In Public And Private Fixed Income
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