The manager, Neil Woodford, has been cautious for a number of years, and his preference for defensive sectors (such as tobacco and utilities)  has paid off handsomely.  More a growth fund than an income fund, with an outstanding track record. 

RISK AND YOUR PORTFOLIO:

A medium risk fund for growth investors. 

To achieve a reasonable level of income, together with capital growth. The fund intends to invest primarily in companies listed in the UK, with balance invested internationally. In pursuing this objective the fund managers may include other investments that they consider appropriate which may include units in collective investment schemes, warrants and other permitted in investments and transactions.