Subject: Re: Dual Momentum on Fixed Income Backtest (DMFI)
actively manage the bond allocation among different categories of bonds,

Correct - that was Antonacci's thought. I'm playing around with backtesting around using preferreds as part of the mix, although for transparency I've been brute forcing the two with the best dual momentum of JNK, IEF, PFF and BND for a few years (BIL as the absolute momentum benchmark).