Measuring what matters in public and private fixed income

• 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...