There are numerous reasons why fixed-income assets should be mainly indexed.
Comparing any investment to its risk-free version can reveal its intrinsic value.
The need for custom liability indexes in the pension market.
Ryan argues that pension plan portfolio managers are benchmarking against market indexes when they should be benchmarking against what is happening to the present value of liabilities they eventually have to meet. Infrequent and delayed liability data are part of the problem.