China Steals the Weekly Crown From U.S.

China ETFs pulled in $12.4B net in the past week. That made China the top geography by net flow — beating the U.S. at $7.2B. The contrast with the three-month picture is striking. Over 3m, China ran a net outflow of $5.6B. Investors who were selling China all quarter have turned sharply positive in just seven days.

Geography Flows

Taiwan added $3.7B in the week, with a flow imbalance of 91 — near-unanimous buying pressure. Japan brought in $2.9B. Emerging Markets drew $2.3B, while the broader Developed Markets Ex-U.S. category took in $2.0B with an imbalance of 94. That signals very one-sided buying.

On the losing side, South Korea shed $1.2B in a week despite being a strong contributor over 3m ($32B net inflow). North America ETFs posted a $981M outflow this week, reversing the 3m positive trend. The U.K. also bled $240M over the week.

The biggest 3m story remains the U.S., which absorbed $465B in net flows. Japan was second at $167B over three months. China's weekly reversal from a 3m loser to the week's top gainer is the clearest shift in regional sentiment right now.

Sector Rotation

Health Care was the top sector this week at $1.1B net inflow. Financials added $652M and Energy took in $316M.

Industrials was the worst-performing sector, bleeding $774M net in the week. That flips the 3m picture, where Industrials pulled in $3.3B. Materials dropped $233M this week and Utilities lost $68M.

Information Technology tells a different story. Over 3m, Tech was the dominant sector with $67.7B in net inflows. This week, net flow was nearly flat at just $30M — suggesting Tech momentum is stalling after a strong run.

Asset Class & Strategy

Equities remained the largest asset class by inflow. They pulled in $35.8B net over the week and a massive $873B over three months. Fixed Income added $25.1B this week, with a flow imbalance of 79. That is notably strong for bonds. Over 3m, Fixed Income collected $232.9B — a clear sign investors are running both equity and bond allocations higher simultaneously.

Commodities were the clear loser. They shed $2.7B this week and $32B over three months. Gold and energy-linked ETFs faced consistent selling pressure across both periods.

On strategy, passive Vanilla flows dominated at $29.6B this week and $410B over 3m. Active strategies pulled in a solid $10.1B in the week, with a flow imbalance of 79 — showing strong conviction behind active picks. Growth funds added $1.2B this week and $105B over 3m. Value funds lost $586M this week and are down $2.7B over three months. The growth-over-value rotation has been persistent.

Overall, the tone is risk-on. Investors are buying equities, chasing growth, rotating into Asia, and letting bonds ride alongside — while commodities and value strategies remain out of favour.