This is a fund David owns and keeps in high regard as per his input on this site.This is supposed to be a cautious mod allocation fund but lost about 6.5% in the past year with about 25% cash in assets, ie loss greater than the s&p 500 index by about 2%. FPACX has lost about 25% of its AUM in the past few years. Has Steve Romick and his clan lost their supposed mandate? Or is it very poor equity choices. What say thee?