Asset allocation of Absolute Return Fund (Pimco)

I heard a news item on Bloomberg TV. It reported the asset allocation of an absolute return fund managed by Pimco, a well known fund manager. The cash component is about 50%.

Under an absolute return fund, the manager is free to move the investments among the various asset classes, ie equity, bond and cash, to achieve the optimum return, considering risk and reward.

This item caught my attention, because about 50% of my personal investments is in the money market fund (ie similar to cash).