Let’s talk about the Wellesley Income Fund, founded in 1970. I used to have lunch with the fund management from Wellington Management Company back in my days in Boston. Despite Wellington’s close relationship with Vanguard, and Vanguard’s new CEO, who is a former BlackRock employee, I don’t want to see Wellesley, or any of the Wellington-managed funds, turning into BlackRock copycats. Here’s a description of the Wellesley Income Fund from Vanguard.

Vanguard Wellesley Income Fund seeks long-term growth of income, a high and sustainable level of current income, and moderate long-term capital appreciation by investing in high-quality bonds and stocks. The fund seeks to provide an attractive and stable income stream that increases over time, with moderate capital appreciation and moderate risk. Asset allocation changes are made gradually in response to changes in relative valuations.

Fixed Income Component: May invest in short-, intermediate, and long-term investment-grade corporate bonds, while seeking to maintain an aggregate intermediate duration. Also can invest in U.S. Treasury, government, agency, and mortgage-backed securities. The fund advisor adds value through active management, such as adjusting sector weightings in response to market opportunities.

Equity Component: Focuses on large-company value stocks with above-average dividends and potential for income growth. Using fundamental research, the advisor typically invests in fewer than 100 stocks, generally with low price/earnings and price/book ratios, and stable or improving fundamentals.

Read more here about my over 50 years working with Fidelity and Wellington Management.