Edited by Peter Hillerberg2 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
The dominant story this week is the surge into actively managed ETFs. Active strategies pulled in $76.8B in net flows over seven days, with a flow imbalance of 84.6. That is the highest buying pressure of any strategy category by a wide margin. Over three months, active funds have attracted $177B in net flows. The momentum is consistent and building.
The US drew $77.3B in net inflows last week, the largest single geography by a factor of more than 30. Flow imbalance sat at 70.1, a clear buying signal. Over three months, US-focused ETFs have pulled in $270.9B, confirming this is not a one-week spike.
Japan stands out as the sharpest reversal. Last week saw $2.8B leave Japanese equity ETFs, with a flow imbalance of just 38, firmly in selling territory. Over three months, Japan posted a $7.6B net outflow. That is notable context given ORTEX alt data showing Japan's total machine tool orders surging 65% year-on-year in August 2026 to JPY 197,867 million. Foreign orders alone rose 65% to JPY 380,511 million. Strong real-economy capital spending data has not translated into ETF buying interest.
Brazil attracted $1.2B last week with a flow imbalance of 94.5. Singapore also registered inflows at 99.2 imbalance, nearly all buying and almost no selling. Both are small in absolute terms but signal focused accumulation.
Mexico and Latin America were firmly rejected. Mexico showed a flow imbalance of just 7.2, one of the weakest readings in the entire geography table.
The week's clearest signal is a rotation away from Financials and Technology. Financials lost $3.4B in net flows with a flow imbalance of just 11.6. Technology shed $2.7B, with imbalance at 37.8. Both are consistent with their three-month trend. Financials have bled $4.6B over 90 days, Technology $2.2B.
Industrials and Utilities attracted the most buying. Industrials pulled in $1.3B last week with imbalance at 67.8. Utilities took $887M with imbalance at 80.5. Over three months, Utilities have attracted $2.5B and Industrials $635M.
Health Care shows the biggest trend reversal. Over three months, it gathered $3.2B in net inflows. Last week it shed $350M. That weekly dip is worth watching, especially as ORTEX alt data shows Medicare Advantage penetration reaching a record 51.1% in June 2026, with enrolment at 36.1 million beneficiaries, a series high since 2013.
Both equities and fixed income attracted strong flows last week. Equities drew $83.3B, fixed income $33.6B. The fixed income imbalance of 76.8 is particularly high, suggesting genuine demand for bonds alongside stocks. Over three months, equities have attracted $518.7B and fixed income $297.4B. Investors are buying both, not choosing between them.
On strategy, the ESG picture has flipped. Over three months, ESG ETFs gathered $13.1B in net inflows. Last week, they posted a $303M outflow. Momentum strategies are also under pressure, losing $213M last week and $3.6B over three months.
Growth strategies attracted $1.6B last week. Dividend strategies added $314M. Both are positive over three months as well, suggesting a mild preference for quality and income alongside the active-management wave.
The overall tone is risk-on but selective. Investors are buying the US and rotating into Industrials and Utilities while trimming Technology, Financials, and Japan exposure.
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.
