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Strategies & Market Trends : PBHG Funds
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To: William Caldwell who wrote (129)2/26/1997 8:40:00 AM
From: Michael W. Brom   of 268
 
William:

It depends on which fund you are talking about. I know that Emerging Growth hasn't performed well for two reasons: 1) small-cap stocks haven't done well that past year and 2) TOO MUCH cash. It had nearly 20% in cash in the last semi-annual report. 20% cash would weigh down portfolios in a bull market and that shows that there's TOO MUCH cash coming in if Ms. Baxter is unable to find what she considers "good stocks".

Michael
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