FPNIX:AGG Outperformance YTD http://stockcharts.com/h-sc/ui?s=FPNIX%3AAGG ...and how did FPNIX achieve such sterling results? Answer: They never came back from X-mas break. FPNIX has been 100% in cash since the start of the year! Chances are these guys haven't even bother coming to work since opening packages. I've always thought of cash as an option to buy, and FPNIX is obviously waiting for lower prices. Sometimes doing nothing is incredibly smart.