They keep 20% of the assets in cash. Way too much!!!!! They should keep less than 5%. Thats just improper management of assets in my opinion. The NAV would be well into the $60 range if they had invested more.
You're missing the point. They've had and continue to keep 20% of the assets in cash. They've missed the bull market over the last 4 to 5 years with that $. And how do you know the market is going to roll over? You could be right, and you might be mistaken. They aren't keeping it in cash because they think the market is going to roll, they keep it there permanently...its how they've set up the fund. I think they could get away with 5 to 10 percent in cash.