I always have a bit of cash on hand and I buy my value investment in small chunks to be able to average done when necessary.
In the past few month I used Canadian bank ETF (RBNK.TO) instead of keeping cash.
It move up pretty well and pays good DIV. I am thinking to move all my cash to it.
As long As it keeps it's value, it is doing it job. I will take money out of it when i found opportunists.
you can also do the same with INDEX ETF.
It does add a risk to my portfolio but I am thinking in high inflation time it is better to not hold cash.
Let me know where do you park your cash.