US-focused ETFs dominated the week. They pulled in $139B of net inflows — more than 19 times the next-largest geography. The flow imbalance hit 83.8, a strong buying signal. That trend holds over three months too, with $669B of net inflows into US funds. Institutional money is clearly not rotating away from American markets.
Japan was the only other geography with a meaningful week. It attracted $10.2B in net flows, with a flow imbalance of 80.8. Over three months, Japan has absorbed $303B — the second-largest haul globally. Developed Market ex-US and Global Ex-US funds also saw modest but consistent buying pressure in both periods.
China is the standout loser. It bled $4.1B last week, with a flow imbalance of just 25.1 — firmly in selling territory. Over three months, China's outflow swells to $36.6B. That is a persistent and accelerating trend. Hong Kong followed suit, shedding $678M last week after only modest net gains over three months. Germany and Switzerland also saw small but consistent outflows across both periods.
Energy led all sectors this week with $1.1B in net inflows and a healthy flow imbalance of 70.2. Over three months, Energy has drawn $11.5B — a steady accumulation story.
Information Technology pulled $777M last week. That sounds modest, but the gross flows tell a bigger picture: $8.6B in and $7.8B out, reflecting heavy two-way trading. Over three months, Tech has absorbed $95.9B — by far the largest sector haul.
Health Care and Materials are the week's clear losers. Health Care shed $911M, with a flow imbalance of just 26.1. Materials lost $1B. Both sectors show persistent selling over three months too. Consumer Discretionary dropped $409M last week, extending a weak three-month trend of $1.6B in outflows.
Industrials is a quiet outperformer. It took in $702M last week and $16.6B over three months, both with solid flow imbalances above 65.
Equities are absorbing capital at pace. Last week saw $153B in net equity ETF inflows. Fixed Income added $14.9B — solid, but a distant second. Notably, Commodities reversed course this week. They attracted $767M on a net basis, after shedding $78B over three months. That sharp reversal is worth watching.
The strategy picture is the week's clearest signal. Growth ETFs posted $94.6B in net inflows, with a staggering flow imbalance of 98.5. That means almost all gross activity was buying. Vanilla passive funds added $36.3B. Active strategies attracted $8.6B.
ESG remains in structural decline. It recorded $237M in net inflows last week, but is $13.1B in the red over three months. Low Volatility strategies also saw outflows, suggesting investors are not seeking defensiveness.
The overall tone is firmly risk-on. Capital is flowing into growth equities, tech, and US markets, while defensive sectors, China, and ESG continue to lose ground.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
