Edited by Peter Hillerberg2 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
US equities pulled in $15B over the past week. But under the surface, the sector picture looks very different. Technology ETFs bled $3.1B in the past five days. That marks a sharp reversal from a $8.1B net inflow over three months. Institutional money is rotating out of the trade that dominated the summer.
The US remained the dominant destination for ETF flows. $15B net came in over one week, well ahead of all other geographies. Global and Global Ex-US funds added $2.1B and $1.5B respectively. Taiwan took in $1.4B with a flow imbalance of 88, signalling strong buying pressure. Over three months, the picture confirms the trend: the US leads with $207B, with China second at $38.6B.
Japan is the standout reversal. Over three months, Japan sits at a modest net outflow of $1.4B. This week, that deteriorated sharply to a $2.4B outflow, the second largest of any geography. The flow imbalance dropped to 44.9, well into selling territory. Hong Kong also saw $978M leave this week, with a flow imbalance of just 17.
Singapore drew $105M over the week, a small but near-unanimous flow. The imbalance read 98.7, meaning virtually all activity was buying. That aligns with real-economy momentum: according to ORTEX Alt Data, Chinese visitor arrivals in Singapore hit 435,442 in August 2026, the largest August on record since 2008.
Tech's $3.1B outflow this week was the biggest sector move in absolute terms. Financials lost another $2B. Industrials dropped $1.1B, and Energy shed $800M. None of these sectors had a flow imbalance above 37, meaning sellers clearly led.
The three-month view confirms this is a genuine turn for Tech. Over 90 days, IT still shows $8.1B net inflow. But over one week, sellers have taken over.
Utilities picked up $641M this week. Communication Services added $573M. Materials brought in $293M. Over three months, Utilities and Health Care were already seeing solid inflows of $2.2B and $3.8B respectively. That defensive rotation is now accelerating.
The most significant divergence this week sits in asset classes. Fixed Income pulled in $30.6B, outpacing equity's $21.6B. That reverses the three-month hierarchy, where equities dominated at $475B versus bonds at $288B. One week does not make a trend, but the gap has closed fast.
Passive (Vanilla) strategies remain the biggest vehicle, attracting $19B this week. Active funds added $1.5B. The three-month picture shows active has been the fastest-growing category at $104B, up sharply versus its asset base. Growth and Fundamental strategies both pulled in around $1.5B each this week.
ESG had a rough week, losing $596M. Over three months it still shows $12.8B net positive. Momentum strategies also continued to bleed, down $179M this week and $3.5B over 90 days.
The overall tone is a modest risk-off tilt: bonds beating equities on short-term flows, defensive sectors gaining ground, and the tech trade cooling after a strong quarter.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
