Top value fund manager Chuck Akre says he’s holding the lowest level of cash in his new fund since it launched more than a year ago. Akre tells Bloomberg that he’s high on off-price retailers, in part because of his view that the U.S. consumer is constrained and won’t spend as freely as he or she had before the recession and financial crisis.

[youtube=http://www.youtube.com/watch?feature=player_profilepage&v=sJRWyinXQ9Y]