Equity Income Funds Provide Refuge from Downdrafts

If the stock market were a football game, right about now a TV camera would be focusing on the ubiquitous fan waving a big letter D in one hand and a fence in the other.

"Defensive" is now a word appearing all over the market commentary map, from Jim Cramer on down. A Google news search reveals that 801 articles containing the words "stock," "market" and "defensive" appeared in the last 30 days, with all but 19 during the most recent week.

Some frightening air pockets in late February and early March, coupled with rapidly escalating volatility, have jolted many investors out the equanimity that had been developing over several months of steadily elevating share prices. Enthusiasm for emerging-market and small-cap funds has been evaporating, leaving many investors wondering where to hide from the carnage. ...