Robert Rodriguez is having nearly 35% of his FPA Capital Fund in short-term money-market securities and bonds because “we are unable to find attractive investments that compensate us with a sufficient rate of return versus the potential risk we perceive”. He said that this is one of those times when it takes a great deal of patience, discipline, and conviction to maintain such a contrarian position, because of the potential business and investment risk that it entails. With energy at 19.3% of the Fund, it is the highest energy allocation that he has had since 1979. His financial service stocks total 2.1%; the lowest allocation he has had in his 35-year career.
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