Practical analysis for investment professionals
24 April 2013

Fixed-Income Portfolio Benchmarks: Time for a Reevaluation? (Video)

At the CFA Institute European Investment Conference in October 2012, Mike Zelouf, CFA, director of international business at Western Asset Management, gave an insightful presentation on fixed income benchmarks, canvasing:

  • Why market-cap-weighted bond indices may not be good benchmarks.
  • Why alternative benchmarks do not solve all problems.
  • How to use dynamic benchmarking and benchmark separation.



Please note that the content of this site should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute.

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About the Author(s)
Usman Hayat, CFA

Usman Hayat writes about sustainable, responsible, and impact investing and Islamic finance. He is the lead author of "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals," and the literature review, "Islamic Finance: Ethics, Concepts, Practice." He is interested in online learning and has directed three e-courses for CFA Institute: "ESG-100," "Islamic Finance Quiz," and "Residual Income Equity Valuation." The other topics he writes about are macroeconomics and behavioral finance. Previously, he was a content director at CFA Institute. He is a former executive director at the Securities and Exchange Commission of Pakistan (SECP). He has experience working in securities regulation and as an independent consultant. His qualifications include the CFA charter, the FRM designation, an MBA, and an MA in Development Economics. His personal interests are reading and hiking.

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