No beef with the fact that they are holding large cash...

No beef with the fact that they are holding large cash levels......more a problem with management. Karl used to have both Charlie and the other main analyst giving a run down on which stocks they chose and why. One has gone to Centennial Capital, the other has disappeared and there is a new name being mentioned who hasn't been "presented" to investors yet ! I am guessing that all is not well at CDM and that their performance and SP is representative of what has either been going on (or not going on) behind the scenes. The proof of the pudding is in the eating, and from where Im sitting at the dining table, its tasting pretty horrible at the moment. Have you also noticed that the Cadence Opportunities Fund, that was supposed to be able to take advantage of shorting opportunities and whilst being riskier, was supposed to be more nimble and profitable ? Well have a ;look at the SP and its holdings as at last report. Holdings appear to be exactly the same as CDM which would support a reasonable argument that CDO funds have just been added to CDM funds and nothing much in the way of shorting or value adding happening.
Agree with @tingcr..... Karl = Serial underperformer . Lots of stories and excuses, but not much in the way of results !