Rising oil prices, $14 trillion in federal debt, the near shutdown of the government and a slowing global economy resulted in "horrible" results for equity funds in the second quarter, said Tom Roseen, head of research services at Lipper, during his company's preliminary performance report on equity funds in the second quarter of the year.

Equity funds fell -3.16% in the quarter, their first quarterly loss in four quarters. Only 12% of all equity and diversified funds were in the black.

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