This is terrible. Utterly bad timing. Having highest level of equity exposure near market peaks. https://city.wsj.com/articles/6acdd08c-8f2a-4fdc-89fa-61a5719fa8ec Key Facts Computer-driven volatility-targeting funds generally scoop up riskier assets like stocks during calmer periods. When volatility hits, it sends them scrambling to sell their stocks. At the same time they move into safer assets like Treasurys. Asset managers like Vanguard Group and insurance companies run some of the bigger strategies of this type. Volatility-targeting funds had an estimated 44% equity exposure last Tuesday. That was their highest level of equity exposure since early October, said Wells Fargo Securities.