The market moves in mysterious ways. After months of a bullish run, signs of a pullback are showing up everywhere - the most obvious being the move from momentum stocks into defensive stocks.
Portfolio managers rarely make large shifts in their core holdings, but they adjust the bias inside of a portfolio fairly frequently. That is, they shift the percentage of the fund's holding to prioritize growth or value weighting or momentum stocks and defensive stocks.
Basically, the "risk on" trade is rotating into a "risk off" trade. Fund managers are preparing, and investors should be as well. If you're not, a good way to start would be to pick up a stock like Cisco Systems Inc. (Nasdaq: CSCO).