Fund flows in and out of stocks, bonds and commodities in recent weeks have been severe enough to make investors and market observers a little seasick. But the investor trepidation toward equities that flared in the immediate aftermath of President-elect Donald Trump’s widely unanticipated victory quickly shifted to bullishness. Bond fund flows have bounced around, and gold has lost its luster since the election.

What hasn’t been discussed much is the slow but steady climb in cash, as measured by flows into money market funds. Total money market fund assets increased each of the past six weeks, according to the Investment Company Institute, an association of regulated funds. These assets stood at $2.719 trillion as of November 30, compared with $2.635 trillion on October 19.

It’s hard to attribute these inflows to a specific event, says Brian Reid, chief economist of the Investment Company Institute, an association of regulated funds. “I can’t tell you how much, if any, is driven by the election,” he says, or how much is money coming back following the October 14 deadline for implementation of new reforms for money market funds.

However, he says, “I don’t see a change in behavior starting on, say, November 9,” the day after the election.

During the week ending November 30, retail investors pulled $2.28 billion out of money market funds, their first retreat since late October, although institutional investors added another $16.13 billion in assets to money market funds.

During this period of political transition, cash has become king for some investors. Among them is Julian Rubinstein, founder and president of Boca Raton, Fla.-based American Asset Management, which manages approximately $200 million in assets for about 500 clients.

On November 30, the firm raised its cash allocation to 70 percent, from 40 percent at the end of October, by eliminating its 30 percent allocation to gold. It retained its 30 percent allocation to equities. American Asset Management rebalances portfolios monthly and invests only in U.S. markets. Back in June, when Brexit hit, Rubinstein had a 50 percent allocation to Treasurys and a 50 percent allocation to gold.

His clients are typically in their 70s, with $700,000 to $800,000 in liquid net worth. He doesn’t think bonds make sense for them since interest rates are near zero percent and likely to rise. And given their age, they may not have time to recoup potential stock market volatility, he says.

Since the election, “the financial world thinks America is in great shape,” he says, and assumes all of Trump’s policies have been successful. Although he’s an optimist, he says, “The market in my opinion isn’t acting rationally.”

Rubinstein, who invests alongside his clients, says his asset allocations are based on numbers such as moving averages and the relative strength of asset classes—not his emotions. And he says he’s ready to invest that cash when a good opportunity arises.