GRT Absolute Return has done ok since I invested in it, and is (slightly) beating the S&P 500 for the year. However, Morningstar shows it having over 40% of assets in cash and by far its largest position is in a Fidelity Institutional Money Market fund: http://quote.morningstar.com/fund/f.aspx?t=GRTHX
. This is a fund with an expense ratio, after waivers, of 2.19%. How should I feel about this situation? Is this active management, or an expensive money market fund?