Head-Spinning Regime Shift Feeds US Stock Fund Exodus

It's always an open question whether flows follow performance or vice versa, but the prospect of relative US equities underperformance almost surely contributed to outflows during 2023's opening months. I touched on this last week, but it's worth noting that outflows from US equity funds are ongoing. Another $2.2 billion fled US-focused funds during the latest weekly reporting period, bringing the YTD exodus to more than $17 billion. Over the same stretch, inflows resumed to European and em