The drop in the stock market in the first quarter took its toll on the equity funds, causing a drop in most of them in the same period, found research firm Lipper Inc.

All stock funds lost about 2.68 percent through March 24, while diversified stock funds fell an average of 3 percent in the same period.

The sluggish US stock market hit especially growth funds that invest in riskier companies that promise above-average returns. Large-cap, multi-cap, and small-cap growth were down 5 percent, and mid-cap growth funds lost about 3.13 percent.

In comparison, world equity funds that invest in foreign stocks lost just about 0.24 percent in the first quarter.

The sizable boost came only in the funds that invest in natural resources and utilities, prompted by the hefty rise in energy prices. Natural resources funds added 11.25 percent on average, and utility funds increased their value by 1.58 percent.

The drop in funds performance comes on the downturn in the stock market. Thus, the Dow Jones Industrial Average lost about 3.15 percent in the same period, and S&P 500 is down 3.34 percent.