The rather grey area of bonds was transformed in the Summer of 2007, to one of outstanding opportunities, and the manager of this fund, James Foster, thought that there were "stunningly cheap" opportunities among investment grade bonds.  He believes there is little risk to the yield (approaching 7% after charges) and some scope for capital growth in addition if interest rates do trend down over the next 1-2 years. There appears to be an unusually good opportunity in bond funds right now, and this manager has full flexibility, and experience, to take advantage of these as they arise. 

This is a lower risk fund, and a core long term holding.  It has a little more risk than a mainstream corporate bond fund, only investing into investment grade bonds, but the wider brief also creates the opportunity for better returns averaged out over the years.  

To achieve a total return by investing predominantly in fixed income markets but may selectively invest in other markets and asset classes as determined by the manager's strategy from time to time. The fund will invest in all types of bonds from government to corporate bonds from investment AAA rated bonds to C rated bonds.