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Between price declines and investor redemptions, the value of stock mutual funds and ETFs held by U.S. investors declined by $3.6 trillion during the first quarter.
Why it matters: Not only is the number a record high for a quarter, it's higher than any full year on record, according to data from Lipper Refinitiv.
By the numbers: The decline in equity fund value during the quarter is over $700 billion more than was seen in 2008 during the Great Recession.
- The average equity fund posted a 22.3% decline during the quarter, data show.
On the other side: Institutional and retail money market funds drew $702 billion of inflows during the quarter, more than the inflows for the entire year in 2008.
Go deeper: The gamble to re-open the economy