I think there are a few managers who intentionally adopt risk averse strategies with a mind towards capital preservation in bear markets.  Some that come to mind: Jean-Marie Eveillard (SGIIX), who consistently hold a large position in cash and gold; John Hussman (HSGFX), who hedges against market risk depending on conditions; Robert Rodriguez (FPPTX), who always seems to have 30-40% in cash.  Obviously, there are no guarantees in investing and these folks will probabaly do poorly in a bull market. 

Best,
Oildog