I had my D20 and D24 529 plans in an aggressive global age-based stock fund which had done very well over the years but in late March seeing the pandemic effects on the markets, I put all of their funds in cash (FDIC insured account). At that time year to date 2020 they were down about -6% and -15% respectively which I am fine with as the gains over the years have been fabulous.
Later this year, 4th quarter? I may move their accounts out of cash and into a more balanced, conservative portfolio but I’m just waiting this out for awhile. We might be in a deep recession for awhile but no one knows the for sure how investments will play out in the future.