Bonds have failed to shield investors during the Iran war. Now, some fund managers say that may be about to change, with debt poised to reclaim its safe-haven role if inflation starts hitting growth. World equities, which dropped in the first few weeks of the war, are back near record highs, fuelled by enthusiasm over AI and corporate earnings, while sovereign bonds have been hit hard by fears of a protracted rise in inflation, which has driven government borrowing costs to multi-year and even record highs in some cases. [...]