WHY WOULD CONSIDER ADDING IT
A flexible fund can invest as much of its portfolio in cash as it elects, as opposed to a general equity fund that can only have a small proportion in cash.
The level of cash in a flexible fund is often a default indicator of the amount of opportunities the fund manager thinks exist in the market. At the moment, 30% of the portfolio is invested in cash vs its long-term average of 15%. So it appears that Williams will have to remain patient until he sees the value that has driven impressive returns which investors in the fund have gotten used to enjoying.