Among his favorite large-capitalization funds are Dodge & Cox Stock, the Janus fund, Twentieth Century Ultra, the Clipper fund, the Yacktman fund and Fidelity Value.

James Gipson and his team at the Clipper fund are 27.5 percent in cash.

The lone domestic holdout, James Gipson of the Clipper fund, says he is cautious, but not enough to sell shares wholesale as he did before the 1987 crash.

Mr. Gipson, who runs the $370 million Clipper fund, has pulled back this year.

James Gipson, who has built his reputation as a value manager with the $5.5 billion Clipper fund in Los Angeles, is more cautious than some other value managers.

The Clipper fund, led by James Gipson and Michael Sandler, looks for industry leaders whose stocks sell at deep discounts to their intrinsic value.

Ms. Voss Sanders likes two flexible funds: the Clipper fund, which holds bonds and cash in addition to stocks, and Tweedy, Browne Global Value, which can own American or foreign stocks or cash.

Mr. Davis and Ken Charles Feinberg have been co-managers of the Davis New York Venture fund since the 1990s and of the Clipper fund since the beginning of this year.

The Davis fund managers say they are fairly neutral on energy as a sector, but they like ConocoPhillips, which is also among the largest holdings of Davis New York Venture and the Clipper fund.

The Clipper fund has returned 14.2 percent so far this year, while Davis New York Venture has returned 12.1 percent.