24 Bull-Market Funds Still Alive and Kicking

Similarly, the six energy/natural resources funds in the all-weather group led the market during the steady elevation of petroleum and natural gas. As crude oil approached $150 a barrel while the stock market was sliding in recent months, the energy group continued to enjoy gains. But the recent setback in the price of crude serves as a warning that even the energy group could fall out of orbit.

In the same vein, the two commodities funds and the pair of store-of-value-focused asset allocation vehicles in the table could easily fall prey to changes in fashion. A good example is gold, which topped $1,000 an ounce earlier this year has in recent sessions been heading toward $800.

The true bear fighters on the list are the seven diversified equity funds that held up during the first nine months of the market slide. A relatively conservative growth and income fund such as the Heartland Value Plus Fund doesn't seem out of place on the bear-resistant fund list. But more surprising to find on the roster is the Hussman Strategic Growth Fund(HSGFX Quote), which crawled ahead at a subdued annual rate of 7.95% per year during the bull market, but then bucked the headwinds for a gain of 3.40% during the October-through-July market downdraft.

Another fund classified in the domestic growth category on the list is the Fidelity Select Chemicals Portfolio(FSCHX Quote). Concentrating in industrial chemical firms, it runs the risk of overspecialization, despite its resistance to the bear market.

But arguably the most impressive members of the funds-for-all-seasons list are the four small capitalization funds--three of whom are managed by the Eaton Vance group. Small-cap funds traditionally have shown little immunity to bear markets.