It is important to be aware that a big jump in interest rates could be quite painful for bond investors due to a combination of falling bond prices, inflation, and taxes. (moneysense.ca)
So any money a fund would have lost on falling bond prices would have been more than offset by high interest rates. (fortune.com)
This should seem obvious to everyone, but it's not what we tend to think of when we hear that rising interest rates mean falling bond prices. (pragcap.com)