Hedge fund investors cut their losses last month and ran for the exits.

Investors pulled $25.2 billion from hedge funds in July, according to data provided by research firm eVestment.

July’s outflows alone represent 45 percent of year-to-date outflows, which stand at $55.9 billion.

Not surprisingly, eVestment found that redemptions were greater in funds that posted losses in 2015.

The average 2016 year-to-date loss for the 10 funds with the largest outflows was 4.1 percent.

July’s withdrawal was the largest hit for the industry since $28 billion was withdrawn in February 2009.

The hedge fund industry manages more than $3 trillion, according to the report.

eVestment also noted that the last time hedge funds faced similar redemption pressure was in the second half of 2011 when, amid weak returns, investors pulled $42 billion from the industry in a four-month period.

If the current trend continues, this will be the first year since the financial crisis of 2008 and 2009 in which hedge funds faced net outflows, eVestment wrote.