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The Dry Powder Crowd - Funds with high cash level from May letter

Seems that funds with highest cash levels have done poorly due to bad stock picks

ASTON/River Road Independent Value (ARIVX) -5% YTD 80% cash - too much gold, silver

FPA Capital (FPPTX) -16% YTD, cash 30%

The Cook & Bynum Fund (COBYX) - 42% cash, -9.5%YTD, Walmart and Coke dragging

Pinnacle Value (PVFIX), -3.5%YTD, 44% cash

FPA Crescent (FPACX), -6% YTD, 36% cash

Goodhaven, (GOODX), -17% YTD, 0% cash?, energy and gold dragging

Tweedy, Browne Global Value, TBGVX, -3% YTD, 22% cash NOT BAD!

FMI International FMIJX, 25% cash, -1% YTD, - OK

Eventide Gilead N ETGLX, 18% cash, -3% YTD, would expect more from 200 IQ manager, Ph.D, MD Harvard, MIT
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