The dominant money flow story this week is a decisive rotation back into US equities and technology. US-focused ETFs pulled in a net $28.7B over the past seven days. Global funds added another $19.4B. That is a clear vote of confidence in developed-market risk assets.
The US is the standout winner over both time frames. Net inflows hit $28.7B this week and $696.6B over three months. The flow imbalance of 62.5 signals buying pressure remains firm.
Global ETFs are even stronger on a relative basis. Their imbalance score hit 84 this week, meaning buyers are heavily outnumbering sellers. Developed Markets Ex-US funds also posted healthy inflows of $1.2B on the week.
The big losers are Japan and China. Japan bled $8.6B in the past week alone. That compares to a three-month net inflow of $290.5B — a sharp reversal. China saw $8.5B in outflows this week, with a low imbalance score of 31.4. That pattern has been consistent over three months, where China posted a $49B net outflow. Switzerland also stands out, posting outflows this week with an imbalance of just 20.9 — strong selling pressure.
Technology dominates sector flows. IT ETFs attracted $8.6B net this week. Over three months, the figure is a massive $98.9B. This is the single largest sector flow in both windows.
Materials and Real Estate are the surprise risers this week, adding $1.1B and $1.1B respectively. Over three months, both were in outflow territory. That is a meaningful short-term reversal worth watching.
Energy is also notable for a trend shift. Over three months, Energy posted $10.5B in net inflows — the third largest. But this week it shed $1.3B, with an imbalance of just 24.7. That reversal signals potential fatigue in the energy trade.
Industrials show a similar divergence. Strong three-month inflows of $12.9B have given way to $835M of outflows this week. Financials are persistently weak — $11.1B in outflows over three months.
Equities remain the dominant asset class on both windows. This week saw $34B in net equity ETF flows. Fixed Income added $21.3B, with a strong imbalance of 75.4. Both asset classes are attracting money together — a less common dynamic.
Commodities flipped sharply. They bled $70.4B over three months but took in $3.1B this week. That is the clearest reversal signal in the entire dataset.
On strategy, Active funds are the biggest winner this week at $21.9B net inflows with an 87.3 imbalance — overwhelmingly buyer-driven. Growth strategies also show strong momentum, with a three-month imbalance of 93.1. ESG continues to haemorrhage capital. It posted $23.1B in outflows over three months and shed another $916M this week.
Vanilla passive funds show net inflows of $463B over three months but flipped to slight outflows of $2.98B this week — investors are tilting toward active and growth strategies right now.
Overall, the tone is clearly risk-on: US equities, tech, active management, and growth are all pulling in capital simultaneously, while China, ESG, and energy are facing meaningful headwinds.
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.
