Are passive bonds living off an equity market reputation?

The success of index-tracking equity funds has been shouted from the rooftops in recent years, and people have been listening. Money has flowed out of active products and into passive at a rapid rate in the past decade, as investors chase lower fees and, often, better returns. This trend has been apparent in both equity and bond markets. Yet, much of the return story surrounding passive products has been around passive equity specifically. Meanwhile, in bonds, there hasn't been the same outright success as seen with a passive approach to equities. Instead, actively managed bond funds ...