How much of the holding is the bond fund? In fact, have you added everything up by asset class? (i.e, can you tell me "I've got 30% bonds, 55% stocks, 15% money market?)
You could sell it and buy a different bond fund. You definitely should do that, if you can find one that's suitable and has a low expense ratio.
The other question is whether you should put more weight on stocks and less on bonds. It is also a valid and reasonable question, but I'd say it's a separate issue and depends on your goals, time horizon, risk tolerance, and current portfolio.