Over the last year long term bonds have been the place to be despite a rise in rates. Because the higher coupon has bailed out investors.
I read a study on this - even in times of rising rates bond funds tend to make money, because of the coupon and constant buying bonds that pay more interest.
but a sharp rise in rates would hurt the longer term bonds sure.
But I do think it is fascinating how the conventional wisdom has been to own short term bonds and that has been wrong, on a peformance basis anyway. Prob not on a risk-adjusted performance basis.