Ann: Half Year Webcast December 2018, page-20

Sarge..in Karl’s defence, an investment manager needs to know when to hold them and when to fold them.  That does away (or should do away) with the need to be transfixed to the screen and become financially astute yourself.  An LIC I have (CVF) is currently holding 74% cash having made good gains on APT and other stocks. That leaves them in a good position to “pounce” on any low hanging fruit.
I agree with @govr, that the funds underperformance is due to other reasons than the % of cash held, and is more about stock selection, management and timing.
the ability to go to cash is no different than the property  situation in Sydney and Melbourne.  If you were a property investor, it would be wise sitting on cash, rather than having borrowed heaps and buying at the top of the market. SPS in small and micro cap stocks have fallen the most, despite some good results, because of liquidity issues. Unfortunately small and micro caps stocks generally tend to rise only after the top 100s have already risen.  We may be waiting for quite some time.
just my perspective.