After two weeks of withdrawals, money flowed back into US stock-focused ETFs and mutual funds, helping developed markets turn the tide after a first half that saw equity investors favor emerging market shares over their developed market counterparts.

The $13.8 billion haul counted as the second-largest of 2023 for US shares, and suggested the inflows seen in and around last month’s “new bull market” headlines weren’t necessarily a false dawn.

As a reminder, ETF flows have been robust over the past several weeks. In fact, June was the best month since October for US equity ETFs.

Nearly all of last week’s inflow was attributable to US large-cap funds, which took in $12.9 billion. Growth and value funds both saw small net outflows.

The net outflow from developed market funds has been trimmed to $10.5 billion YTD. There’s still a yawning disparity with the $66.5 billion that’s flowed into emerging market equity products, but the trend now favors DM.

For the year, the net outflow from US stock ETFs and mutual funds is $24.5 billion. It was nearly $70 billion just prior to Nvidia’s revenue forecast in late May.

The company’s Q2 guide really was a game changer.

Overall, global equity funds took in close to $15 billion over the latest weekly reporting period, as $19.9 billion of inflows to ETFs overshadowed a $4.9 billion outflow from mutual funds.

Bonds, meanwhile, saw a 15th consecutive weekly inflow. Consistent with the big influx to US money market funds reported by ICI on Thursday, $29 billion went to cash funds, bringing global money fund AUM back near $8 trillion.