The U.S. stock market was up 12.6% in the first quarter of 2012, yet investors pulled a net $5 billion out of equity funds during the same period, according to the wealth management firm Dignitas.
"The discrepancy between a better performing U.S. stock market and continued uncertainty amongst retail investors demonstrates a continued lack of confidence in the market," the Chicago-based firm reported Monday, citing the Investment Company Institute (ICI) and J.P. Morgan Asset Management.
What's more, stock fund outflows for the month of April were the largest since at least 1996, according to EPFR Global, a Boston-based research firm which pointed to continued concerns over Europe as the likely cause.
Equity funds had net redemptions of $18.6 billion through April 25, with intermediate-term bond funds and high-yield bond funds seeing some of the highest inflows.
The news follows a similar pattern that occurred in March.
