High-Yield Bonds Have Outshone Private Debt, Says Dimensional
When direct lenders pitch private credit to pension funds and insurance firms, many tout its ability to beat public debt returns. But Dimensional Fund Advisors isn't buying it.
'There is no outperformance relative to high-yield bonds,' said Savina Rizova, Dimensional's co-chief investment officer and global head of research, speaking about private credit on the Bloomberg Intelligence Credit Edge podcast. The Austin-based firm, with almost $800 billion in assets under management, often uses academic research to guide its investment strategy.
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