It has been my experience that a portfolio manager can perform poorly on the returns front but as long as they "beat" their benchmark they have done well. 

In today's environment, we see a lot of fixed-income money managers underperforming their benchmark due to rising rates. 

They have no control over what the Fed does. 

Is this fair that they are managed on something they have no control over? Why or Why not?

Answer rating: 100% (QA)

The assessment of portfolio managers based on their ability to beat their benchmark even in the face of external factors like rising interest rates se... View the full answer