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Investors aren't happy with big-name managers' decision to hoard cash - Business Insider

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Some big-name hedge funds are just sitting on piles of cash while their investors are paying hefty fees for the privilege

it had shifted nearly a fifth of the portfolio into cash despite holding no cash 12 month prior.

This has left hedge-fund investors — who saw the average fund return roughly a fourth of what the market did last year — frustrated. Commonfund runs $26 billion for more than 1,300 endowments and foundations, putting institutions' money to work in third-party hedge fund managers. Most institutional allocators, like pensions and endowments, bank on their hedge fund managers taking riskier than their long-only peers and index-fund providers. But an expensive market has many value investors skeptical of the prices being demanded in the public markets.

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