Bear markets aren't very generous, but they do offer investors at least one thing: They tend to shut the pipeline of new funds and stocks designed to siphon off your hard-earned money.

New-fund launches have fallen substantially this year, which means that fewer funds are being launched with ripped-from-the-headlines strategies. Near the end of the bull market, we were besieged with Internet funds, biotech/genomics funds and even a couple of power-generation funds meant to capitalize on success stories like Enron. Yuck.

Many financial planners use only those funds with at least three years of performance under their belts, and with good reason. It screens out many goofy funds and provides a look at both how the fund invests and how it behaves in varying markets.

With that in mind, I'm taking a look at the few new funds introduced this year that caught my eye. I see this more as a list of funds to watch rather than to rush out to buy today, although one or two might have enough going for them to be worth consideration today.

Fidelity Inflation-Protected Bond (FINPX): If I had to pick one new fund to invest in today, this would be it. Fidelity has built a strong team to run its bond funds. The managers don't bet on the direction of interest rates or other macroeconomic factors. Instead, they run conservative portfolios and try to boost returns at the margins.

As Fidelity's bond funds have a cost advantage over most of the competition, they don't have to make wild bets to beat their peers. Further, inflation-protected bonds make a nice diversifier for your bond portfolio.

Vanguard Capital Value (VCVLX): This fund offers low costs and seasoned management. Co-managers Chuck Freeman and David Fassnacht are with Wellington Management. Freeman has served as lead manager at Vanguard Windsor since 1995.

The idea behind Vanguard Capital Value is to use its smaller asset base to allow Freeman to take bigger positions in mid-caps than is possible at Windsor, and even mix in some small caps.

So far, though, the fund has fared poorly. Its start reminds me of Vanguard Selected Value, a dismal performer in its first two years that turned into a strong one when subadviser Barrow Hanley switched managers.

I doubt a manager change will be needed, but it's worth remembering that this fund's smaller size means it's less diversified than Windsor and will likely be more volatile.

Buffalo Mid Cap (BUFMX): Buffalo Funds has a small-cap and a large-cap offering, so I guess this one was inevitable. It's run by the same trio that has produced strong results at the two other funds. Kent Gasaway, Tom Leming and Bob Male use a growth-at-a-reasonable-price strategy that has held up nicely in the face of this bear market.

So far, Buffalo Mid Cap has lost a little less than most mid-growth funds, but it's the record at Buffalo Small Cap and Buffalo Large Cap that's really the draw.

This fund has just $39 million in assets, but its expense ratio is a rather reasonable 1.16 percent.

AIM Mid Cap Basic Value (MDCAX): Another new fund from a successful trio.

Brett Stanley, Michael Seinsheimer and Michael Simon have built a strong record at AIM Basic Value by using discounted cash-flow analysis to find stocks trading well below their intrinsic value. That fund slides back and forth over the line between value and blend, which will likely be the case here, too.