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One investor’s loss can be another’s buying opportunity — just look at the cash flows these losing funds raked in over the past year.

We considered funds with at least $100 million in assets that posted a loss over the past 12 months and ranked them by their inflows over that time. The average inflow was $667 million; the average return was -9%.

While performance chasing gets a lot of attention, this list shows the opposite trend can quietly happen at the same time. That is, these investors are buying on the downside, possibly due to a disciplined dollar-cost averaging strategy, in hopes of an upturn. Indeed, 2017 numbers show that the pendulum does swing. Year-to-date performance for these funds, while still averaging a loss, was less than -1%. The median was almost 5%.

Moreover, the fact that more than half of these funds are in real estate, with the rest being in oil or gold, suggests tactical buying rather than a long-term strategic strategy.

Scroll through to see the biggest cash inflows from funds that have posted a loss for the past 12 months. All data from Morningstar.
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20. Fidelity Select Natural Resources Port (FNARX)
1-Yr. Flows (millions): $45
1-Yr. Returns: -1.25%
Expense Ratio: 0.83%
Total Assets (millions): $847
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19. iShares Core US REIT ETF (USRT)
1-Yr. Flows (millions): $73
1-Yr. Returns: -3.34%
Expense Ratio: 0.28%
Total Assets (millions): $150
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18. Franklin Gold and Precious Metals (FKRCX)
1-Yr. Flows (millions): $84
1-Yr. Returns: -26.85%
Expense Ratio: 1.11%
Total Assets (millions): $1,084
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17. SPDR S&P Oil & Gas Equipment&Svcs ETF (XES)
1-Yr. Flows (millions): $104
1-Yr. Returns: -12.87%
Expense Ratio: 0.35%
Total Assets (millions): $236
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16. ALPS Sprott Junior Gold Miners ETF (SGDJ)
1-Yr. Flows (millions): $113
1-Yr. Returns: -26.77%
Expense Ratio: 0.57%
Total Assets (millions): $159
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15. SPDR S&P North American Natural Res ETF (NANR)
1-Yr. Flows (millions): $152
1-Yr. Returns: -2.10%
Expense Ratio: 0.35%
Total Assets (millions): $950
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14. iShares MSCI Global Gold Miners ETF (RING)
1-Yr. Flows (millions): $170
1-Yr. Returns: -26.81%
Expense Ratio: 0.39%
Total Assets (millions): $375
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13. Fidelity MSCI Real Estate ETF (FREL)
1-Yr. Flows (millions): $208
1-Yr. Returns: -1.52%
Expense Ratio: 0.11%
Total Assets (millions): $387
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12. iShares Global REIT ETF (REET)
1-Yr. Flows (millions): $216
1-Yr. Returns: -4.78%
Expense Ratio: 0.14%
Total Assets (millions): $405
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11. Goldman Sachs Global Rl Estt Secs (GARVX)
1-Yr. Flows (millions): $231
1-Yr. Returns: -4.01
Expense Ratio: 0.98%
Total Assets (millions): $256
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10. SPDR Dow Jones Global Real Estate ETF (RWO)
1-Yr. Flows (millions): $370
1-Yr. Returns: -4.00%
Expense Ratio: 0.50%
Total Assets (millions): $2,669
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9. VanEck Vectors Oil Services ETF (OIH)
1-Yr. Flows (millions): $447
1-Yr. Returns: -10.63%
Expense Ratio: 0.35%
Total Assets (millions): $983
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8. Principal Real Estate Securities (PREPX)
1-Yr. Flows (millions): $691
1-Yr. Returns: -3.89%
Expense Ratio: 1.08%
Total Assets (millions): $3,744
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7. SPDR S&P Oil & Gas Explor & Prodtn ETF (XOP)
1-Yr. Flows (millions): $851
1-Yr. Returns: -4.22%
Expense Ratio: 0.35%
Total Assets (millions): $2,024
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6. Schwab US REIT ETF (SCHH)
1-Yr. Flows (millions): $943
1-Yr. Returns: -5.86%
Expense Ratio: 0.07%
Total Assets (millions): $3,520
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5. iShares Developed Real Estate (BKRDX)
1-Yr. Flows (millions): $1,217
1-Yr. Returns: -2.65%
Expense Ratio: 0.19%
Total Assets (millions): $1,310
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4. VanEck Vectors Junior Gold Miners ETF (GDXJ)
1-Yr. Flows (millions): $1,343
1-Yr. Returns: -29.21%
Expense Ratio: 0.52%
Total Assets (millions): $3,922
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3. Cohen & Steers Real Estate Securities (CSEIX)
1-Yr. Flows (millions): $1,487
1-Yr. Returns: -2.20%
Expense Ratio: 1.19%
Total Assets (millions): $4,061
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2. Vanguard REIT Index Investor (VGSIX)
1-Yr. Flows (millions): $2,161
1-Yr. Returns: -4.82%
Expense Ratio: 0.26%
Total Assets (millions): $64,623
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1. Real Estate Select Sector SPDR (XLRE)
1-Yr. Flows (millions): $2,437
1-Yr. Returns: -2.20%
Expense Ratio: 0.07%
Total Assets (millions): $2,434