It doesn't matter if the fund managers have the capital to buy at bottoms, because they can maintain the composition of their fund by selling the least attractive holdings (even if they're all undervalued, everything is relative).  You can then choose to go against the grain and buy as the market gets cheaper and benefit from it.  Lack of capital is not going to prevent a manager from still performing well. 

Don't expect active fund managers to save you from a bear market.  That is a ridiculous expectation, especially for value fund managers who often find the best investments in beaten down stocks.  What you can do is resist coming up with reasons to sell, which only ends up being counterproductive in the long run.