What is the bull case for bonds? Have managed futures replaced them?

I lost my arse in them in 2022 and have hated them ever since. I don't see a good story for them. Inflation is still going up. Rates are rising and they aren't even negatively correlated with stocks as much as they used to be so they don't give the same protection.

I've been putting more money in DBMF which has a pretty good negative correlation to equities and can go short when things flip. It's not perfect and definitely not without risk, but I still see it as a better option for now than wasting money in bonds with still considerable risk.