Snapshots of Behind the Benchmark: Dissecting Active Bond Fund Performance

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research arguing that… much of active bond-fund outperformance in aggregate and corporate categories reflects persistent credit-spread exposure rather than manager skill, while government and high-yield managers often underperform stated benchmarks.