Over the past decade, passive investing has reshaped much of the investment landscape, but fixed income presents a different set of challenges and opportunities. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, spoke with Noah Wise, senior portfolio manager and head of global macro strategy for the Plus Fixed Income team at Allspring Global Investments about why active management may have a stronger case in bonds than in equities. They discuss how bond indexes are constructed, why passive investors can become increasingly exposed to the largest borrower and interest-rate risks and how the complexity of fixed-income markets creates opportunities for active managers. They also explore the role of central banks and other noneconomic buyers in shaping bond prices, and the importance of flexibility across duration, sectors and geographies. Recorded May 26.