Citing a dearth of reasonably priced securities and expectations that earnings growth will slow down, portfolio managers are increasing their cash exposure, Bloomberg reports. One such manager is Charles de Vaulx of the value-oriented First Eagle Overseas Fund. “We haven’t been able to identify enough cheap securities to replace the ones we’ve lost to takeovers and those we decided to sell,” said de Vaulx, who has increased his cash exposure to 25% from 18%. Chief investment strategists at a number of leading investment firms are now recommending cash exposure of between 20% and 25%. The include managers at
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