Unable to find bargains, some mutual fund managers are choosing to hold cash.
Active managers have an advantage in unloved markets.
Betting on macro trends, two veteran managers have delivered winning returns.
First Eagle funds tend to lag in bull markets and excel in downturns.
Bond prices climbed sharply in troubled countries such as Italy and Spain as it appeared they were beginning to recover.
Some funds shine in downturns by focusing on steadier issues.
Dodge & Cox has soared by buying stocks that others hate.
Critics suggest shifting stock allocations.
The picture in Greece is improving -- and investors are starting to recognize the change.
Here are some funds that may profit from Japan's resurgence.