There is no way of telling whether the fund manager totally changed the structure of the fund in the meantime. As well, there may be a new fund manager appointed with a different investment philosophy who could have made significant changes to the portfolio without your knowledge. The composition of the portfolio tells a lot about management style. Too high a percentage in Government of Canada bonds, for example, should be cause for concern. One point to consider is whether stripped bonds are used.
Strip bonds eliminate re-investment risk.
That implies liquidity risk. Currency exposure can do wonders for a bond portfolio's bottom line. It can also cause significant losses should the manager fail to properly predict the ups and downs of the Canadian dollar. At the end of the day, most bond fund managers are destined to be average performers. No one gets it right all the time.