The U.S. stock market was up 12.6 percent in the first quarter of 2012, yet investors pulled a net $5 billion out of equity funds during the same period, according to the wealth management firm Dignitas.

“The discrepancy between a better performing U.S. stock market and continued uncertainty amongst retail investors demonstrates a continued lack of confidence in the market,” the Chicago-based firm reported Monday, citing the Investment Company Institute (ICI) and J.P. Morgan Asset Management.

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