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Don't Stretch Value Discipline to Be Fully Invested

Queens Road manager Steve Scruggs prefers to wait for well-priced investments, even if it means his funds hold significant amounts of cash.

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John Coumarianos: Your value consciousness now really has caused you to hold a significant amount of cash at least according to our last filings in both funds. I believe the large cap fund had about 20% cash and the small cap fund had north of 20, maybe 25, 26%. Talk about that, I'm sure that's valuation-driven and then…

Steve Scruggs: It is. And they've come down a little as some prices – there have been some attractive opportunities, so that's …

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John Coumarianos does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.