While stocks have been hitting all-time highs, top value fund manager Charles de Vaulx thinks there’s value in cash right now.

De Vaulx’s IVA Worldwide Fund trimmed its stock holdings to 52% of its portfolio at the end of May, and boosted its cash holdings close to 30%, according to The Wall Street Journal. After the market stumbled a bit in June, de Vaulx did some equity buying, but still has about a quarter of the portfolio in cash. He thinks equities are generally overvalued — though not as overvalued as bonds, and not as vastly overvalued as they were back in 1998 and 2000, the Journal reports. He says stocks are “the best house in a bad neighborhood,” but adds that “We would need stock prices around the world to be at least 15% lower for us to get rid of most of the cash we are holding.”

De Vaulx looks at “intrinsic value” — what “a knowledgeable buyer would pay in cash for the whole business” — when buying stocks, and right now he thinks most stocks are priced above intrinsic value.