The flows-performance question is always a bit of a chicken-egg dilemma (which comes first?) and regrettably I’m no closer to solving it than anyone else.

However, I can’t say I’m surprised to learn that US equity-focused ETFs and mutual funds just saw their largest weekly inflows of the year emboldened, one assumes, by bull market headlines.

The $23.8 billion haul dwarfed the next closest week, and brought the streak to three. It was the largest influx in 26 weeks.

In just the past three weeks, US-focused equity funds erased half the $68 billion net outflow seen from the beginning of the year through May 24.

Naturally, this has helped close the DM-EM divide. Until very recently, there was a stark divergence between big outflows from developed market equity funds and inflows to their EM counterparts. That disparity still exists, but it’s much smaller now, thanks to US funds.

The breakdown showed US large-caps raking in nearly $12 billion and growth shares more than $5 billion. At the same time, small-caps enjoyed $4.8 billion of inflows and value $4.3 billion. Suffice to say interest in the rally appears to broadening.

For value, it was the first inflow in 13 weeks. For small-caps, the near $5 billion haul was the largest in a year. Tech inflows continued for an eighth week.

Meanwhile, and consistent with data on US funds released Thursday afternoon, EPFR’s figures showed global cash funds shed $37.9 billion.

Bonds saw inflows, but half a billion fled gold.

Apparently, “FOCUS” is real.