This is not uncommon for the fund, when the managers believe valuations are stretched and stock-specific volatility could be high. They will look to use it by adding to positions at times of weakness.
On occasion they may add new names instead, but they strongly believe in the power of a concentrated portfolio, so will all the time be making sure that they are not making inappropriate compromises or diluting the portfolio too much.
Performance has been strong since launch, with the fund returning 150.56 per cent compared with 113.9 per cent for the sector average. Despite the large allocation to cash, the conviction in the other holdings has meant it has also outperformed over one year, returning 12.02 per cent compared with 7.03 per cent.
The cautious nature and strong risk-adjusted performance of the fund makes it a strong core global equity holding for investors.