Holding high proportions of cash has helped a small number of global equity funds withstand the protracted bear market, according to research by Standard & Poor's, the global ratings agency.

The GAM Worldwide fund and JO Hambro global fund have benefited from pragmatic defensive asset allocations. The fund run by Global Asset Management (GAM), one of UBS Asset Management's specialist businesses, was close to 30% liquid in the early bear market, while the JO Hambro Investment Management fund has been holding up to 60% in cash. Both are rated double-A by S&P.