Momentum funds!

Momentum funds outperform during cyclical upswings, but their long-only nature limits downside protection, making them vulnerable in bearish phases. Passive momentum funds take time to adjust to market dynamics. However, actively managed momentum funds are rebalanced more frequently. Therefore during market fall actively managed momentum funds fall less compared to passively managed ones. Investors should consider momentum funds only with a long-term horizon of more than a year, while those with a shorter timeframe should avoid them.