"A month ago, a well-respected sell-side analyst released a report predicting that prices in equity markets will reach record highs in the next 12 months. Immediately after the release of the report, some institutional investors who feared a continuing loss of shareholder value publicly expressed optimism in a strong near-term future for equities."

• A. who feared a continuing loss of
• B. who had feared the continuation of losses of
• C. who had feared continuing losses in
• D. who feared continuing losses in