S&P Graph
Increased equity outflows are increasing mutual fund redemptions despite large gains YTD.

Despite record highs in the stock market, investor sentiment remains pessimistic. As a result, equity investment products have experienced record fund outflows as investors seek the safety of bonds with little to no income thanks to record low interest rates. 

For disciplined investors which remained invested in passive equity funds, the combination of large year-to-date gains and record equity outflows means mutual fund investors will likely experience substantial capital gains tax on distributions in 2019.

Read the whole thing: https://www.lifeproassetmanagement.com/resources/insights/the-tax-implications-of-passive-investing?linkID=Button1Link