Money Flees US, Pours Into Asia and Bonds

The clearest story this week: US equity ETFs are bleeding cash while Asia attracts the most concentrated buying pressure in months.

US-focused funds posted a net outflow of $9.4B over the past week. That is the single largest geographic outflow by a wide margin. The flow imbalance sits at 45.6 — firmly in selling territory. Over three months, the US attracted $464.6B. That 3m dominance is now cracking.

Geography Flows

China grabbed $8.2B in net inflows this week. Its flow imbalance reached 63.9. That reverses a 3m picture where China was roughly flat at -$3.3B. This is a notable trend shift — money that was avoiding China over the quarter is now rushing back.

Taiwan pulled in $2.5B this week. Its 3m total stands at $19.9B. Buying pressure is high at 87.7 — near the top of the entire geography table.

Emerging Markets drew $2.6B with an 86.2 imbalance. Developed Markets Ex-US added $2.0B with a 96.0 imbalance. Both signal strong conviction in non-US exposure.

South Korea flipped negative this week at -$1.9B. Over 3 months it absorbed $32.3B. That weekly reversal deserves watching.

UK funds continued to bleed, posting -$202M this week with a 13.8 imbalance — deep selling pressure.

Sector Rotation

Tech had the worst week of any sector. Information Technology ETFs lost $3.4B. Flow imbalance fell to 42.3. Over 3 months, Tech attracted $69B — by far the largest 3m sector inflow. This week is a sharp short-term reversal.

Industrials shed $2.2B this week with a 16.4 imbalance. That follows a modest 3m gain of $3.0B. The week's selling is intense relative to the 3m trend.

Energy was the top sector winner this week at +$697M. Over 3 months it was negative at -$4.2B. This is a clear trend flip — buyers are returning after months of selling.

Real Estate stayed positive across both periods: +$65M this week, +$5.9B over 3 months. A consistent slow-burn inflow.

Asset Class and Strategy

Fixed Income pulled in $23.1B this week. Its imbalance hit 77.3. That compares to $232B over 3 months. Bonds are accelerating as a destination.

Equities also stayed positive at +$15.9B weekly. But the 3m figure is $869.6B. The weekly pace is slowing sharply relative to the quarter.

Commodities lost $2.8B this week and $31.6B over 3 months. Consistent outflows in both windows.

On strategy, Active ETFs took in $8.7B with a 75.4 imbalance. The 3m figure is $227.3B. Active management is in sustained demand. Vanilla passive added $18.6B weekly but Growth strategies shed $541M after gaining $103.8B over 3 months — a notable short-term pause.

Overall, the weekly tone is cautiously risk-off for US and tech exposure. Money is rotating toward bonds, Asian markets, and active strategies. The 3m bull case for US equities remains intact, but this week's flows suggest investors are trimming at the margin.