it seems this manager is very patient. The fund is rated highly as a lower risk fund with "average" returns.

Looking at the portfolio, the manager invests in value type stocks with a major weighting in tobacco.

I think the tobacco investments are too large because there is always an inherent risk of litigation/taxation. However, this manager loves companies that make consistent profits. The reality is that tobacco stocks have outperformed the market over the last 5 or 10 years. and Phillip Morris, when accounting for dividend reinvestment, is the best performing stock in the S&P over the last 50+ years.

this portfolio will not jump in spurts and will underperform in an early stage market turn around. However, there are many worse funds out there, particularly if you care as much about investmnet protection as well as investment returns.