Active Funds and Bonds Lead This Week's Flows

Fixed Income took the top spot this week. It pulled in $14.2B net — the largest single asset class inflow over seven days. Equities added $7.3B. Commodities brought in $4.4B, suggesting a broad but cautious risk appetite rather than a clean risk-on signal.

Geography Flows

The US saw a net outflow of $5.1B over the past week. That reversal is sharp. Over three months, the US attracted $293.7B — comfortably the top geography by a wide margin. The one-week drawdown hints at short-term profit-taking or rotation pressure.

Japan and Hong Kong filled the gap. Japan drew $3.8B this week, with a flow imbalance of 70.8 — firmly in buying territory. Over three months, Japan has taken in $103.7B, confirming this is a sustained trend rather than a blip. Hong Kong attracted $3.1B in the week, with a strong imbalance of 77.4, though its three-month cumulative net was just $813M — making this week's move a genuine breakout.

South Korea flipped to an outflow of $1.2B this week. Over three months it attracted $41B, so the near-term reversal is notable. Taiwan also bled $627M this week after taking in $20.6B over three months.

Developed Markets Ex-US continues to attract steady interest. It brought in $1.0B this week with a flow imbalance of 92 — near the top of the scale. The three-month total stands at $20.2B, making it one of the cleaner non-US plays in the data.

Sector Rotation

Technology is this week's clear loser. It bled $3.0B over seven days, with a flow imbalance of just 37 — well into selling territory. Over three months, Tech absorbed $45.2B — the largest sector total by far. The week-versus-quarter divergence is stark. Short-term sellers are clashing with a longer bull run.

Energy and Health Care are the week's winners. Energy took in $677M. Health Care drew $671M. Both sectors had positive three-month flows too, but Energy was actually negative over three months at -$4.3B. That makes this week's Energy inflow a potential trend reversal worth watching.

Industrials and Materials both saw outflows this week. Industrials lost $613M. Materials shed $550M. Over three months, both were positive — $2.8B and $1.9B respectively.

Asset Class and Strategy

Fixed Income's week-leading $14.2B inflow contrasts with equities dominating the three-month picture at $702.9B. Investors appear to be rotating incrementally into bonds in the short term.

Active funds are the standout strategy story. They attracted $5.4B this week, the top strategy by net flow, with a buying imbalance of 70.3. Over three months, Active pulled in $202.4B — the second-largest strategy total behind Vanilla's $326.6B. The shift toward active management is consistent and accelerating.

Dividend strategies added $954M this week with an imbalance of 78.2. ESG was near flat on the week but has accumulated $20.3B over three months.

Overall, the tone is cautious rotation — out of US equities and tech, into bonds, active strategies, Japan, and select commodity exposure.