Mutual funds had $9.5 trillion in assets as of Oct. 31, a full $2.5 trillion, or 21% less, than their year-to-date $12 trillion under management peak at the end of May, Lipper data shows. Since the beginning of the year, when mutual funds had $11.7 trillion under management, assets have fallen 19%.

Going back to Lipper’s archive of data dating to 1959, the biggest annual percentage drop in assets on record was in 1973, when they fell 20%, and 1974, when they dropped 21%.

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