Ahh I figured I'd draw you out of the woodwork
Exceptions exist.. but in general fund managers tend to be all stock heading into declines (ie, they won't consistently protect you) and build large cash positions that they maintain well after the rally starts (they lag in performance relative to indexes in upturns). Hence, difficult to consistently have a high 'beta', hence my recommendation to hold cash on your own if you need that protection.
You cannot participate fully in market returns without participating equally fully when the risk shows up. To suggest otherwise is wishful thinking and not well supported by evidence.