Equity mutual funds took a beating in May, with every single category in the red, except for utility and bear market funds, Chicago Tribune reports. And even that was unimpressive; utility funds eked out a scant 0.06% gain, while bear market funds rose 6%. It was the worst month for equity funds since July 2004.

Categories that have been the strongest in recent months fared the worst in May, including small-cap, natural resources, commodities and emerging-market international funds.

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