Well March fund performance -20% (rounded up) and depending where you want to plot where the SP started to sell off on news, say -50%. April index performances has since been solid so do the math.
Market well aware of the redemptions and feel like they are priced in on the extreme side. When you’re a big seller and you want out when liquidity is poor you get this end result of overcooking to the downside. Cuts both ways though. Sellers sell for a variety of reasons. Plenty of forced sellers from funds/instos across the board lately.
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