A whopping 93% of all equity mutual funds suffered losses in the second quarter, according to Weiss Ratings, which tracks stocks and mutual funds. By comparison, 45% of all equity mutual funds posted losses in the first quarter.

Meanwhile, 87% of all bond funds were up in the second quarter, although the average return was 2%, according to Weiss. The only two equity sectors to post gains in the second quarter were precious-metal funds, up an average 11%, and real-estate funds, up 5%.

Weiss attributed the steep sell-off in the second quarter to poor earnings and accounting irregularities.

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