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The role cash plays in the asset allocation is to provide liquidity and income. Excessive cash holdings create a "performance drag" that undermines long-term portfolio objectives. Vista manages the cash holdings to minimize cash drag and to keep the portfolio fully invested. Cash holdings may consist of money market funds, individual fixed income securities such as Commercial Paper, U.S. Treasury Bills, and other similar instruments with less than one year to maturity. Cash reserves should be relatively free from risk and instantly liquid.
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It serves as the foundation on which to build and manage the investment portfolio. 
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