Charles de Vaulx knows keeping 40 percent of his fund in cash is hurting results. But as far as he's concerned, there aren't many stocks to buy. "Being fully invested has zero appeal right now because stocks are so expensive," says de Vaulx, whose $8.3 billion IVA Worldwide Fund trails the MSCI All-Country World Index by a big margin this year. "We are willing to underperform while the party goes on."
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机译：查尔斯·德·沃克斯（Charles de Vaulx）知道，保留40％的现金将损害业绩。但是就他而言，没有多少股票可以买。 de Vaulx说：“由于股票太贵了，目前进行充分投资对人们的吸引力现在为零。”德沃克斯说，他的83亿美元IVA全球基金今年远远落后于MSCI所有国家世界指数。 “我们愿意在党的继续进行期间表现不佳。”
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