Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
The headline story this week is active management. Active ETFs pulled in $76.8B in net flows over the past seven days alone. That compares with $177B over three months, meaning the pace has sharply accelerated. The flow imbalance of 84.6 out of 100 signals heavy buying pressure with very little offsetting selling.
The US market remains the dominant destination. $77.3B flowed into US-focused ETFs in the past week. Over three months, the figure reaches $270.9B. The flow imbalance sits at 70.1 for the week, a notably stronger reading than the 56.6 seen over three months. Buyers are pressing harder now than at any point in the recent quarter.
Japan is the week's sharpest reversal. Outflows hit $2.8B over the past seven days, with a flow imbalance of just 38.0. Over the three-month period, Japan sits in negative territory too at minus $7.6B. That divergence is striking given ORTEX Alt Data shows Japanese machine tool orders up 65% year-on-year in August 2026, with total orders reaching JPY 197,867M. The industrial data is pointing upward while ETF money heads the other way.
Brazil attracted $1.2B in the past week, with a flow imbalance of 94.5, one of the strongest readings across all geographies. Developed Markets ex-US also drew $1.3B at a 85.0 imbalance. India is under selling pressure. Outflows of $67M this week follow a three-month net negative of $885M.
Financials is the hardest-hit sector. Outflows reached $3.4B in the past week, with a punishing flow imbalance of just 11.6. Over three months, the sector has bled $4.6B. The selling is consistent and deepening.
Information Technology saw $2.7B in outflows this week with an imbalance of 37.8. Over three months the tech sector has also posted net outflows of $2.2B. Sellers are firmly in control on both timeframes.
Industrials is the clear winner. $1.3B flowed in this week, at a healthy imbalance of 67.8. Utilities added $887M with an imbalance of 80.5. Both readings align with the Japan machine tool orders data from ORTEX Alt Data, which points to rising global industrial capital expenditure. Over three months, however, Industrials shows a much smaller net of $635M, suggesting this week's move is a meaningful acceleration.
Health Care has quietly turned. The sector drew $3.2B over three months but posted a modest outflow of $350M this week, a potential early reversal worth watching.
Both equities and bonds are taking in cash simultaneously. Equities attracted $83.3B in the past week. Fixed Income added $33.6B at a flow imbalance of 76.8, its highest across any major asset class. Over three months, fixed income has gathered $297.4B versus equities at $518.7B. The bond bid is durable and getting stronger in relative terms week over week.
Commodities added $1.5B this week and $31.5B over three months. The buying is steady rather than frenetic.
On strategy, vanilla passive funds drew $6.0B this week but $242.8B over three months. Active funds beat them on a one-week basis by a wide margin. Growth strategies attracted $1.6B this week. ESG posted outflows of $303M over seven days, a reversal from a $13.1B gain over three months.
The overall tone is risk-on with a defensive tilt. Money is flowing into equities and bonds together, rotating out of tech and financials, and landing in industrials, utilities and active strategies.
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.
