I don't agree that holding a lot of cash is a sign of a market timer.

Buffett holds lots of cash at times. So does Seth Klarman, Bruce Berkowitz, David Winters...I could go on.

Value managers hold cash when there are no good values to buy.

That said, Romick is not a pure value manager a la Buffett. He does believe in investing in undervalued stocks, but he also holds cash and shorts as a hedge. So there is some amount of market timing going on.

Personally, I own both OAKBX and FPACX. I have a lot more in OAKBX, but FPACX invests all over the map. I like adding this to OAKBX to get a little more small cap exposure in my balanced funds.

FWIW: I used balanced funds (and a bond fund or two), for the money I'll need when I retire in 10-15 years. Then more pure equity plays for the money 20 or so years down the road.