Morningstar estimates that the top 25 mutual fund companies took in $12.4 billion in net inflows in the first quarter, with the research firm’s Director of Personal Finance Christine Benz telling Reuters, “I would imagine that the worst is over for a lot of these firms. It’s hard to imagine a scenario that’s worse than the fourth quarter was.”

Indeed, in the fourth quarter, the top 25 fund firms lost $110.9 billion, and throughout the year, they lost $55.2 billion.

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