US equities dominated the week. American-focused ETFs pulled in $17.6B in net inflows over the past seven days. That is the largest single-geography flow by a wide margin, with a flow imbalance of 57.1 — positive but far from euphoric.
The week's sharpest story is in technology. Over three months, IT sector ETFs led all sectors with $90.6B in net inflows. This week, the same sector bled $6.1B. It is the biggest single-sector outflow of the week. The reversal is stark. Buyers who piled into tech funds through February and March are now pulling back fast.
Japan was the standout international winner. It attracted $6.7B in net inflows this week, with a flow imbalance of 78.3 — strong buying pressure. That follows a $303B three-month trend. Institutional money continues to rotate into Japanese equities at pace.
China was the week's biggest regional loser. It shed $4.8B in net outflows, with a flow imbalance of just 27.1. Over three months, China has also been underwater at -$42.9B. There is no sign of a reversal. South Korea shed another $2.7B this week.
Global Ex-US and Emerging Markets both posted modest but consistent inflows — $1.3B and $1.0B respectively. Flow imbalance scores above 80 in both cases point to lopsided buying pressure. The international diversification trade remains intact.
Energy led all sector inflows this week at $2.3B. That matches its three-month trend of $12.7B. Industrials added $1.1B this week. Over three months it attracted $16.3B. Both sectors are seeing consistent, sustained demand.
The pain is concentrated elsewhere. Materials lost $1.3B this week and $7.3B over three months. Health Care dropped $681M this week and $6.4B over the quarter. Consumer Discretionary shed another $1.2B. Financials also reversed — down $9.96B over three months, even with a small $391M inflow this week.
Equities remain the dominant destination. They took in $20.1B this week and $1.18T over three months. Fixed Income added $12.9B this week — a meaningful flow that points to continued bond buying alongside equities. Commodities flipped. They saw $1.4B inflows this week. But over three months, commodities are deeply negative at -$77.5B.
Active management is the clearest strategy trend this week. Active ETFs pulled in $15.3B, the highest of any strategy, with a flow imbalance of 82.7. Over three months, growth strategies dominated with $326B — but this week, growth ETFs shed $931M. That is the sharpest short-term reversal in the strategy space.
ESG continues to bleed. It lost $401M this week and $12.5B over three months. Momentum strategies bucked the trend, posting a 94.9 flow imbalance this week — nearly all buying, no selling.
Overall, the tone is cautiously risk-on. Money is moving into equities, active funds, and energy, while rotating away from tech, China, and growth strategies.
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.
