Alastair Mundy, manager of the Investec Cautious Managed fund, believes lowly valued blue-chip equities are possibly the best hedge against any future economic or market uncertainty.
Mundy's £1.66bn portfolio has a 42.8% exposure to UK equities - with large positions in mega-caps such as HSBC, GlaxoSmithKline and Royal Dutch Shell.
The manager has recently been trimming his exposure to gold miners following strong rise in a number of these positions, but has been adding to his other 'insurance policy' against macro headwinds, Norwegian kroner bonds.
Mundy says blue-chip UK equities also appear to be a good hedge against future "unknowns".
"I still have my gold shares, as well as Norwegian kroner, which I have added a little recently," Mundy says.
"If we do end up in a currency crisis down the line, you want to be in the strongest and most resilient area, and Norway fits the bill.
"Also, if you are looking for a good hedge against most things out there, blue chip equities with strong brands yielding 3% to 4% look pretty good to me. These stocks have hardly moved compared to rest of the market."
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till