The flows story of 2023 is the massive influx of cash into… well, into cash. That is: Into money market funds.

But secondarily, it’s a tale of outflows from US stock-focused ETFs and mutual funds. Or at least it was.

US equity funds snapped a six-week streak of outflows with an emphatic $13.3 billion haul during the latest weekly reporting period, according to EPFR.

It was the largest (and one of the only) weekly inflows of 2023.

This comes as no surprise given massive outperformance for America’s mega-cap titans. Although growth stock-focused funds shed $700 million (with an “m”), US large-cap funds took in $9 billion (with a “b”).

Of course, the standout was tech. Tech equity funds raked in $8.5 billion over five sessions, the largest weekly influx on record.

“Flows show positioning happily long credit and now chasing ‘summer rip tide’ into tech and stocks,” BofA’s Michael Hartnett remarked. “Positioning and technicals remain bullish risk,” he added, even as he cautioned against chasing equities higher.

“Booming” is the word Nomura’s Charlie McElligott used to describe this week’s flows data. “Investors are grabbing back into assets,” he said.