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Dig Deeper to Find the Meaning of Cash

After a strong six months for stocks, have those who can raise cash done it?

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We've come a long way. Since the market hit bottom in early March 2009, the S&P 500 Index is up an annualized 27.8%. If you don't feel like celebrating that accomplishment, you're not to be blamed. There has been a lot of volatility along the way, and that overall gain has come in fits and starts and perhaps with some sleepless nights. The past six-month period has been another of the market's strong runs. Since Oct. 3, 2011, the S&P 500 Index has gained 22.6% cumulatively.

Considering that backdrop, I was curious about those few managers who can and do raise cash when they think bargains are scarce or who pad their coffers for better opportunities tomorrow. What follows is quick summary of those observations.

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.