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Several Value Managers Hoard Cash An Uncommon Practice They cite slim pickings in overpriced market; most still fully invested.(A)
Byline: KEN HOOVER
A small group of value-oriented mutual fund managers can't find stocks that meet their investment criteria, so they're holding a sizable stash of cash.
"We're certainly willing to hold cash to the extent we can't find investments with favorable risk-reward characteristics," said Tom Carney an analyst with the six-fund Weitz family of funds.
The flagship $4.3 billion Weitz Fund is holding 34% cash.
Carney says it's not unusual for the fund to have a significant cash position. Having 10% cash, he says, is pretty close to fully invested for the fund.
Manager Wallace Weitz wants money available in case he finds an undervalued stock he wants to buy. That way, he doesn't have to sell another stock.
But, concedes Carney, the current cash position is on the high side of the fund's 18-year history.
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