Bad luck.
I think most fund managers should stay fully invested as much as they can. If I want to hold cash... I will hold my own cash, and not pay the management fees for it to be sitting in their account.
Holding a big pile of cash by a fund manager is in my opinion a big macro call which they should not do unless it's in their mandate.
Forager makes no such claim to having a mandate to make big macro calls. This is why their fund is also unhedged. Not in their mandate.
Add to My Watchlist
What is My Watchlist?