Why benchmarks can constrain portfolio managers

Benchmarking blues

rob-davies-v2-credit-2009

In the February issue of Credit, readers get a fascinating insight into the mindset of one of the world’s leading bond fund managers, Michael Hasenstab of Franklin Templeton. Perhaps his relative youth is just a coincidence – Hasenstab is 37 years of age – but the investment approach used in the 10 funds he manages shows a marked contrast to other established funds in their various peer groups.

Take Franklin Templeton’s Global Fund, for example. Like most other bond funds, it is benchmarked to a

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