The managers of the £241.4m F&C Strategic Bond fund have added a 10% investment in shipping and oil to the high yield portion of their portfolio.
Fatima Luis and Rebecca Seabrook say the themes play recovering global growth together with opportunities in specific companies.
In the shipping sector, the managers have added to debt in global container shipping groups Hapag-Lloyd and CMA CMG.
Their position in Hapag-Lloyd, a potential acquisition target, yields 9% and is due for repayment in 2015.
The holding in CMA CMG is due for repayment next year, but the managers say the debt has already risen as the company looks to renegotiate its borrowing. (article continues below)
The fund has taken a third position in Stena, which makes vessels for the oil drilling industry in addition to its broader shipping activities.
The fourth new holding was in CGV, a supplier of seismic survey services for use in the oil industry in particular.
The managers also looked to play more unconventional forms of oil exploration, which rising oil prices currently make it more economic to pursue.
As a result, they invested in the debt of Frac Tech Services, a shale oil extraction specialist, and added to a position in Vantage Drilling, a deep water drilling contractor.