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."
Reasons to be cheerful
Total investment reaches £9m
Medium to long-term capital growth