Nov

Some Value Funds Are Stuffed With Cash as Stocks Surge

Eventually the market will slump, managers say, and they’ll be ready to scoop up the bargains. Meanwhile they’re sweating it out.

Charles de Vaulx knows keeping 40 percent of his fund in cash is hurting results. But as far as he’s concerned, there aren’t many stocks to buy. “Being fully invested has zero appeal right now because stocks are so expensive,” says de Vaulx, whose $8.3 billion IVAWorldwide Fund trails the MSCI All-Country World Index by a big margin this year. “We are willing to underperform while the party goes on.”…

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Some Value Funds Are Stuffed With Cash as Stocks Surge

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