According to Australian Bureau of Statistics data, the percentage of assets in Australian equities held by Australian superannuation funds stood at 29% in September 2008, just prior to the Global Financial Crisis (GFC) during which equity markets declined sharply and bond markets rose. By December 2008, the weighting in Australian equities had fallen to 24%. What was the likely major cause of this decline? Select one: a. Funds diversifying their portfolio, by switching from equities to alternative assets. b. Market movements, i.e. asset value changes. c. Each of the above factors is responsible to an approximately equal extent. d. Investors taking their money out of their superannuation funds during the GFC. e. Funds "de-risking" during the GFC, by switching from equities to fixed income.