US-focused ETFs led all geography flows this week. Net inflows hit $15.0B in seven days. Japan was close behind at $6.2B, with a strong flow imbalance score of 77.4. Both trends align with the 3-month picture, where the US drew $676.8B and Japan pulled $295.9B.
The sharpest reversal of the week came from China. Chinese ETFs bled $5.9B in outflows over the past seven days. Flow imbalance sat at just 26.8 — firmly in selling territory. Over three months, China was already down $42.4B. That pressure is accelerating, not easing.
Global ex-US funds showed near-pure buying pressure this week. Flow imbalance hit 97.1. Developed markets ex-North America followed at 90.0. Investors are diversifying away from home bias — but selectively, avoiding China and South Korea, which shed $2.8B on the week.
Europe was mixed. Developed Europe posted a small outflow of $433M this week. Germany saw $160M leave. Over three months, though, Developed Europe is barely positive at $897M net. The continent is not attracting meaningful capital.
The biggest sector story is the flip in Tech. Information Technology drew the most money over three months — $90.4B net. This week, it shed $1.4B. Flow imbalance dropped to 47.2. That is a meaningful short-term reversal after a dominant quarter.
Energy replaced Tech at the top this week. It pulled in $2.5B with an imbalance score of 78.5. Over three months, Energy also attracted $12.8B — consistent and building. Real Estate added $518M on the week, a quiet but steady theme.
Health Care and Consumer Discretionary were the week's worst performers. Health Care lost $838M. Consumer Discretionary shed $1.0B, with a flow imbalance of just 22.8 — strong selling pressure. Both sectors have been negative over three months as well.
Industrials drew $15.1B over the three-month period but was essentially flat on the week at $6.5M net. That 3-month trend is solid, but momentum has stalled.
Equities dominated both timeframes. This week saw $28.5B in equity net inflows. Fixed Income added $16.2B — also healthy, with an imbalance score of 67.9. Over three months, equities pulled $1.18T versus fixed income's $188B.
Commodities flipped sharply. They absorbed $1.8B this week. Over three months, they saw a $77.7B outflow with imbalance at 38.0. The short-term bounce is notable but has not yet reversed the longer trend.
Active management was the standout strategy. It led all strategy flows this week at $16.9B — flow imbalance of 83.4. Vanilla passive came second at $9.8B. Over three months, growth-style strategies dominated with $326.3B net. ESG continued bleeding, down $13.6B over three months.
The overall tone is cautiously risk-on. Investors are buying equities and bonds simultaneously, favouring the US and Japan while rotating out of China, Tech, and defensive sectors.
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.
