Several Top Performing Funds Clinging to Cash
I didn’t run a screen. I used my basic knowledge of the industry and looked at some of my favorite equity funds to see what their cash positions were. It turns out that some of the funds with the finest long-term track records have hefty cash positions right now. The IVA fund doesn’t go back too far, but its manager, Charles de Vaulx, is responsible for much of the First Eagle fund’s long-term performance. (And, yes, the new guard at First Eagle has retained de Vaulx’s and Jean-Marie Eveillard’s approach.) The Wells Fargo fund doesn’t have a 15-yr record; it’s subadvised by GMO.
The post features a chart showing the cash holdings and 15 year category rank for eight funds.
Source: Institutional Imperative