Funds for a market bounce

I was asked the following question in October's Chatterbox and felt it warranted further analysis and discussion.

Hi Damien,
Like plenty of other people no doubt,I find myself sat on 30% cash in my portfolio. A large part of the cash has resulted from changing tack on my investment strategy since joining 80/20 and has been gathered on the back of some good returns. I am undecided when or how to get the cash back in the market but I would be interested in your opinion of which type of fund ,such as Special Situation or Recovery is best to use after any sizeable correction in equity prices, be that globally or indeed more geographically concentrated like Europe, Asia or Emerging Markets. In other words, are there funds which are renowned for better returns than average after a market downturn ?

It's a very interesting question with some great nuances to it.