The fund has been outstanding for a lower risk fund, with the growth boosted by having up to 20% in shares (the balance being in corporate bonds).   Although the shares element might be under pressure in 2008, the managers anticipated the growing risks and have had nearly 10% in cash, to take advantage of attractive prices.

Because of the shares element, and most bond holdings being non-investment grade, it is certainly at the top end of the low risk spectrum, verging medium risk. A core holding. 

To achieve a high level of income whilst seeking to maximise total return through investing in high yielding corporate and Government bonds, together with UK equities.

Paul Read, Neil Woodford & Paul Causer