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Controversy hits pension funds and their managers

Since the end of January, Amazon and Facebook have given up $33 billion and $99 billion in total market capitalization, respectively, though early trading Tuesday. Facebook has been embroiled in controversy since its lax data privacy policies turned from rumor to fact, and Amazon weathered a Twitter onslaught from the president focusing on its corporate citizenship. Year-to-date, Amazon remains up 18.5% while Facebook shares have fallen 11.3%.

Amazon is the fifth largest U.S. company by market cap, Facebook is the seventh largest.

The top 10 pension funds holding Facebook stock have lost $777 million since the end of 2017 and $1.1 billion since the end of January. The largest pension fund holders of Amazon are still up $874 million in 2018, after losing $334 million since the end of January.

Retirement exposure to equity markets is far greater through investment managers than a plan's direct holdings. Given their places in the major indexes, both stocks have significant impacts on investment manager holdings. The 10 largest holders of Facebook saw a $25 billion decline between Jan. 31 and early Tuesday, while Amazon holders took a $10 billion drop over that period.

* Figures are based on 12/31/17 holdings reported in year-end filings.