For the first time since fall 2004, European stock mutual funds ended a quarter on a down note. Bloomberg News reports that the average European stock mutual fund fell 5.4% for the quarter ended June 30, with only one of the continent’s 10 biggest funds – Invesco Perpetual’s High Income Fund – finishing up, at 0.1%. That’s still considerably better than its FTSE All-Share Index benchmark, which sank 2.6%. Darker days may still be ahead, as Anthony Bolton of Fidelity Investments predicted that poor performance could last for “months.” Bolton’s baby, the U.K. Special Situations Fund, was the worst performer among the 10 largest, tumbling 8.7% in the second quarter.