Jurika & Voyles portfolio managers are raising cash, finding it increasingly difficult to find attractive stocks at current valuations.
The pessimism is particularly acute in the firm's top-performing $95 million Mini-Cap mutual fund, which after gaining 25.8% in the year-to-date through June 11, has amassed 15.3% in cash. The firm's $22 million Value + Growth fund, which buys small-, medium- and large-cap stocks, has 10.5% in cash. Institutional accounts across the board have about 10% in cash, said Karl Mills, executive vice president. ``We're raising cash and selling stocks across the board. There's a higher level of risk than a lot of investors are realizing.''