China Leads as Bonds and Growth Chase Equities

China ETFs took in a net $19.9B in the past week. That is the single biggest geographic flow in the data, with a flow imbalance score of 81 out of 100. Over three months the number is $36.3B, so the buying has been consistent, not a sudden spike.

Japan flipped sharply. It pulled in $4.9B this week. Over three months it is a net outflow of $8.0B. That reversal is one of the clearest trend shifts in the data. Investors who were selling Japan funds all quarter have started buying again in the last seven days.

The US drew $4.0B in net inflows this week. Over three months it remains the largest single geography by total flow at $289B, though its flow imbalance of 52 shows the market is more balanced than it looks.

Geography Flows

Emerging markets as a broad basket bled $2.1B this week, despite the China strength. The Emerging Markets Ex-China bucket actually took in $969M, suggesting China-specific demand rather than a broad EM trade.

Taiwan added $1.7B this week and $18.0B over three months. South Korea contributed $1.3B this week. Both point to sustained demand for North Asian tech-heavy markets. India was a rare negative over three months at minus $1.2B, even as TRAI data shows India's broadband subscriber count reached 1.11 billion in September 2026, rising for six straight months. ETF investors have not yet priced that connectivity growth into India allocations.

The MSCI World November review adds pressure on non-US geography flows. Seven names are expected to leave the index when it announces on 11 November. The combined forced selling from the top names alone runs to roughly $3.5B, led by TXT at $800M, MAA at $781M, MKC at $723M and CHTR at $685M. On the other side, MRNA sits 75% above its MSCI World entry line and carries an 88% forecast probability of addition, which would trigger $4.4B of tracker buying.

Sector Rotation

Technology leads sector inflows this week at $5.3B. Over three months it is still positive at $16.0B, though its flow imbalance dropped to 53, barely above neutral. Money keeps arriving but conviction has softened.

The biggest reversal is Industrials. It took in $802M this week but is a net outflow over three months at minus $1.1B. That is a direct flip. Utilities is also bleeding this week at minus $924M, despite posting $1.8B of three-month inflows. Investors who bought Utilities through the summer are now rotating out.

Financials remain under pressure on both timeframes: minus $937M this week, minus $9.4B over three months. That is the worst sector by three-month flow.

Health Care held positive on both windows: $623M this week and $3.0B over three months.

Asset Class and Strategy

Equities absorbed $35.4B this week. Fixed income added $17.8B. Both are in demand, which reads as risk-on with a safety hedge. Commodities lost $1.7B this week, reversing a $33.1B positive from the past three months.

On strategy, vanilla passive dominated at $43.9B this week. Growth ETFs took in $4.4B with a high imbalance score of 78. Value also stayed positive at $1.6B. Active strategies pulled in $2.7B but over three months they are the second-largest strategy flow at $160.9B, well ahead of vanilla's $241B in absolute terms but a much larger share of their smaller base.

Momentum funds lost $53M this week and $3.5B over three months. Investors are stepping away from pure price-chasing strategies. The overall tone is risk-on, led by equities, growth, and China, with commodities, Financials and momentum all losing ground.