Cache Long/Short is designed to be liquid. Your holdings are publicly traded securities in an SMA at Schwab, not a fund with lockups.
You can request withdrawals at any time. The portfolio is adjusted by selling longs and covering shorts to raise cash while keeping the account within margin requirements. Under normal conditions, this takes a few days.
A few nuances: because the portfolio uses margin, positions need to be unwound in an orderly way, so withdrawals aren’t instant. Large or frequent withdrawals can trigger realized gains or losses and may reduce future harvesting capacity. During extreme market conditions, unwinding may take longer.
If you need cash unexpectedly (home purchase, taxes, an unplanned expense), the process is the same. You retain access to your capital without the lockups of exchange funds or private vehicles.