In addition to government and corporate bonds, the team can also invest up to 10 per cent in high-yield bonds and non-rated bonds.
A quarter of the fund (25.4 per cent) is currently held in equities, the fund fact sheet for March 2019 shows, with the remainder in cash.
For equities, the team feel the outlook is much trickier given the market is being very unforgiving (in terms of share price) of any result it dislikes.
Although they see value in the UK market, they have had to cap exposure as they feel the outcomes for Brexit are binary and, as a consequence, they have been very selective on UK stock picks, while also selecting a diverse range of international companies.
Performance has been fairly consistent on the portfolio returning 20.9 per cent and 102.6 per cent in the past five and 10 years respectively, according to total returns in sterling data from FE Analytics to March 27 2019.
The fund also has a historic yield of 3.2 per cent, with an OCF of 0.61 per cent.
This fund could be ideal for a cautious investor, particularly those at or approaching retirement.
It has consistently outperformed the Investment Association Mixed Investment 0-35% shares sector in the medium to long-term and offers investors a bit of added security.
Darius McDermott is managing director of FundCalibre