Whilst cash may prove to be the best overall strategy in this short time frame of 6 months, I definitely would not use it as my long term investing strategy. The challenge with equity markets and managed funds is that many people find it very difficult to handle the volatility of the values. When a managed fund value drops by 10% (maybe more) in a few days or a week people often start to panic. However they will usually rebound. The key thing to remember is why you invested in them in the first place. Over the long term equity markets are clearly the best performing.
If your investment has dropped in value there are a couple of things to consider: Has your overall investment objective changed? Is there a fundamental change in the investment or is it just the fact that the market is going through a challenging spot. If there is a change in either of these then it may be worth considering selling the investment and changing it to something else. If it's just the market then remember back to why you invested in the first place and hang in there.