The value of stock mutual funds and ETFs held by U.S. investors declined by $3.6 trillion during the first quarter.
The number is a record high for a quarter, and is higher than any full year on record, according to data from Lipper Refinitiv.
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.
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