Nearly every asset class saw robust performance in the second quarter, but the initial elation at the lack of terrible news has worn off as investors brace for a tough second half, according to Lipper's review of the second quarter.

Equity funds soared 19.77% in the quarter, led by world equity funds (+26.66%), sector equity funds (+20.99%) and U.S. diversified equity funds (+17.05%). Year-to-date, U.S. diversified equity funds are up 6.51%, but are still down 26.52% from a year ago.

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