How do you figure cash into your portfolio breakdown?

Let's say you have 50% cash and 50% equity.

Let's say your equity is 50% healthcare and 50% tech.

Do you say your portfolio is 25% tech, for example or do you consider only the invested money your portfolio?

I mean the cash is not invested really.

So would I say I'm 50% tech and healthcare or 25% healthcare, 25% tech and then just have cash?