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Investing is a tough gig. Sometimes, a strong performance doesn’t keep investors happy. In fact, sometimes they head for the exits.

We looked at all funds that had a 15% return or higher over the past 12 months and listed them by their cash outflows over that time, which averaged $4.7 billion. For comparison, the S&P 500 posted 12.5% over the same time.

There are a number of reasons investors may leave a good game, says Tom Roseen, head of research services at Lipper. They could be moving from active to passive as a cost-related strategy. Indeed, the average cost of these 20 funds is a relatively high 76 basis points and the same trends are not happening on the cheaper ETF side of the business, Roseen said. Domestic and international equity ETFs both have taken in assets of $69.1 billion and $92.1 billion, respectively.

Other possibilities: investors also could simply be taking some profits while markets are high; or changing their asset allocation scheme. Many advisors guiding baby boomers used a core-and-satellite strategy to create their portfolios and as the years rolled by, allocations to their large-cap core became disproportionately large in some cases. And now that they’re older, they’re becoming more conservative and moving assets to fixed-income funds and dividend payers.

Scroll through to see the biggest cash outflows from funds with more than a 15% annual gain. All data from Morningstar.