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Quote:
“Following the market’s substantial move in 2013, at year-end, only 126 funds held cash of 15% or more, including the Longleaf Partners Funds. Our analysis suggests that investors with at least a five-year time horizon should maintain their investments in funds whose managers allow cash to build, potentially enabling them to benefit from opportunities that cash can fund and without fear that holding cash will hurt relative long-term returns.”
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