I'm 53, and currently have $120,000 in the SMA of my firm's 401K plan.  I have an additional $70,000 in the 401K core account.  I have been and will continue to make the maximum contributions -- this year ($20,500).

The core account is invested $22,000 Pimco All Asset (PAAIX).  The remaining $40,000 is in the firm's pension plan (highly diversified across asset classes), which gives me access to private equity and other investments I would not be able to access any other way.  I'm only able to move into and out of the pension fund in November (in $20,000 increments). 

 Of the $120,000 in the SMA, I am currently $35,000 in Fairholme (FAIRX), $35,000 in Harbor Real Return (HARRX), $19,000 in Fidelity Canada (FICDX), and $27,000 in Fidelity Leverage Company Stock (FLVCX).  The remaining is in cash.

I got out of the market entirely in November 2007, and re-entered in April 2008.  My YTD return is -3.0% -- all since June 2008.  I don't want to spend 2009 and 2010 trying to figure out how to invest.  My firm's pension plan seems the best place to be, so I'd like to be able to preserve as much of my

This is the decision I'm facing -- If I were to redeem my shares of FAIRX, FLVCX, and FICDX, I would incur early-redemption penalties -- about $1,500 for all three positions.

I'm considering holding my FICDX through the redemption period (60 more days), and then I'd likely keep it because of its holdings in natural gas and energy, mining, ag stocks.  I can't come up with a rationale for FLVCX or FAIRX.

Thoughts and guidance would be appreciated.

Tx