Which of the following product types is used by a portfolio manager utilizing a passive investment strategy?

Bonds are a type of fixed-income security that can be part of a passive investment strategy; however, they do not inherently represent a passive investment product. A portfolio manager may choose bonds as part of a diversified strategy that includes active management in selecting specific bonds or bond funds, which deviates from true passive investing.

Equities, or stocks, can be held in both active and passive investment strategies. While a passive manager may invest in equity index funds, the term "equities" alone does not specify a passive investment approach. Therefore, equities as a broad category do not exclusively align with passive investment strategies.

Alternative investments typically include assets like hedge funds, private equity, and real estate, which are generally associated with active management strategies. These products often aim to generate higher returns than traditional investments, making them unsuitable for passive investment strategies focused on market replication.