Duration is also a key determinant of performance and is managed to reflect views on long-term interest rates.
Asset allocation is also a source of outperformance and the team are prepared to be different from the consensus.
Finally, positioning in terms of the yield curve will be used to enhance return.
The process is risk aware, concentrating on avoiding losers rather than picking big winners, and the fund has a lower risk profile than many of its peers.
The fund currently has 342 holdings, almost 20 per cent of which are held in bonds rated BB or below or unrated, to support the team's beliefs.
The largest sector exposures are currently structured (30.4 per cent) and banks and financial services (14.1 per cent), the fund factsheet to April 30 2019 shows.
This fund is a strong core fixed income holding which offers something different from many of its peers.
It has stood the test of time to provide strong risk-adjusted returns, offering access to an efficient research team structure, which has proven its success.
Darius McDermott is managing director at FundCalibre