Seasonality of Stock Returns
On average, U.S. mutual fund investors transfer assets from stock to bond funds during winter months and do the opposite in summer. This is the exact opposite of the famous “Sell in May and go away.”
At the end of 2012, the equity portion of mutual funds was 66%, somewhat lower than its 71% average since 1970. The ratio hit a low in the mid to late 1980s, when it was ~ 42%. At the beginning of the 1990s, stocks represented ~ 95% of mutual fund assets; ~ 83% in 2000.