Mansard
Q1 2026
L-26-01
Why Patrimoine held 31% cash for six months
Cash is a position, not an absence of one. Why we held so much of it, what it cost, and when we spent it.
Inès Okafor
6 min
For six months last year, Patrimoine held 31% of its assets in cash. Several of you asked why. This is the full answer.
Why we held it
Bond yields had risen faster than company profits, and many of the shares we wanted to own were priced for perfection. Cash paid close to 4% with no risk. We did not see a reason to take risk for little extra return.
What it cost
The fund lagged its reference index by 9 points in 2025. That is real money, and we do not hide it. Over five years, the fund remains less volatile than its index, which is what it is built to be.
When we spent it
In March, three European companies we know well fell by a fifth on results that did not worry us. We bought. Cash is now 22%. We will keep holding cash when we cannot find better, and spending it when we can.
Inès Okafor, portfolio manager, credit
Past performance is not a reliable indicator of future results. This letter expresses the views of its author at the date of writing and is not investment advice.
