An area chart shows the mix of dollars invested in U.S.-domiciled mutual fund and exchange-traded funds classified as equity, bond, and money market between 1993 and 2023. In general, investors’ collective allocation to bond funds appeared most stable. Their allocations to equity and money market funds were comparatively volatile for most of the period. Chart labels highlight the percentage invested in equity funds at six alternating peaks and valleys, as well as the latest figure. As of January 31, 1993, equity funds accounted for 33% of all fund assets. The equity stake then climbed to 62% on March 31, 2000, declined to 40% on February 28, 2003, climbed again to 63% on September 30, 2007, declined again to 36% on February 28, 2009, and climbed again to 58% on December 31, 2013. As of December 31, 2023, equity funds accounted for 61% of all the assets investors held in equity, bond, and money market funds.