Flows into equity funds have remained flat ever since the market bottomed out on March 9, an indication that investors remain spooked by the market’s sharp decline last year—despite the S&P 500’s year-to-date 59% gain.

In fact, in September, investors withdrew $11 billion from equity funds, according to TrimTabs Investment Research.

Investors’ continued pessimism in the face of such strong profits shows a historic change in their attitudes toward investing, MarketWatch reports.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.