If you’re keeping track at home, outflows from US equity-focused ETFs and mutual funds continued over the latest weekly reporting period.

It’s worth staying apprised. 2023 is shaping up to be a remarkable year on the flows front, mostly for the deluge of cash to money market funds, but the EM-DM divide in equities is interesting too.

On net, developed market funds have lost more than $41 billion so far in 2023, thanks entirely (and then some) to the $58 billion that’s fled US-focused funds.

Emerging market equities, by contrast, have taken in nearly $53 billion, according to EPFR data.

Money market funds’ haul eclipsed $700 billion for the year, even as the pace is slowing. ICI data showed US money funds took in $18.3 billion over the same week, the smallest inflow of the post-SVB era excluding the drawdown during tax week, but a respectable haul nevertheless.

Coming quickly back to equities, last week marked the fourth weekly outflow in a row for US stock funds.

So far in 2023, US equity funds have seen just a handful of weekly inflows.

On the bond side, it’s a mirror image. EM bonds have shed a net $12 billion over the past 13 weeks, for example, while DM bond funds took in $83.6 billion over the same period.

All told (i.e., summing up and netting EM and DM), equity funds have taken in a net $11.29 billion this year, while bond funds have registered more than $137 billion of inflows. The exact total for money market funds stands at $707.4 billion YTD, representing nearly 10% of AUM.