If you are relying on a fund manager to save you from the bear, it isn't likely to happen. The two main reasons for this are 1) really good managers know that market timing doesn't work and they aren't going to fool with it. They have faith in the stocks they've picked. And 2) many funds are mandated to hold certain amounts of equity at all times. There are a few funds that do accumulate cash, but the only one I know of that goes 100/0 or 0/100 is Vanguard's Asset Allocation fund, and as of 5/31, it is 100% stock.

Here is a list of how some top fund managers have been performing.

http://seekingalpha.com/article/83121-guru-returns-show-just-how-tough-the-going-has-been-lately

And here is where the data came from -

http://www.gurufocus.com/score_board.php 

 Yes, these managers are down, everyone is. The point of this is not to criticize good managers for being down in a bear market, but rather to remind you not to set your expectations too high by asking them to do something they can't do. Bear markets are no fun, but there is no way to avoid them.

Paul