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Investors yanked nearly $4 billion out of equity mutual funds during the two business days ended Feb. 20, estimates

, a firm that tracks fund inflows and outflows. For the month of February, TrimTabs estimates that inflows to equity funds are just slightly positive.

The most recent outflows were dominated by U.S. equity funds. Those funds saw $2.4 billion in outflows, according to TrimTabs. International funds saw outflows of $1.5 billion.

For the two days ended Feb. 15, the

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Nasdaq Composite Index

fell 9.2%, the

S&P 500

was down 3.6% and the


fell 1.5%.