In addition, even if the benchmark is the proper one for a bond portfolio, does this portfolio contain all or a sample (say, 80%) of the benchmark’s securities? The point is that managers and clients...

In addition, even if the benchmark is the proper one for a bond portfolio, does this portfolio contain all or a sample (say, 80%) of the benchmark’s securities? The point is that managers and clients alike must understand the issues involved in actively managing bond portfolios and that the world is a dynamic one, requiring constant monitoring and updating of the portfolio and the benchmark.