US equity funds took in a small $322 million on net over the latest weekly reporting period, according to the latest update.

That was a decisive downshift from the prior week’s near $10 billion haul.

By now, most regular readers know the story. Flows to US equity-focused ETFs and mutual funds inflected in and around Nvidia’s beat and raise, which was followed pretty much immediately by a debt ceiling resolution in D.C.

Since late May, what was a near $70 billion YTD net outflow was all but erased. Now, we’re just waiting on the capitulation moment back into US shares, where “capitulation” would mean net flows turn decidedly positive.

European equity funds suffered yet another outflow, running the streak to 21 weeks. Overall, DM equity funds have taken in a net $6.264 billion in 2023.

Recall that DM flows only recently flipped positive for the year.

Emerging market stock funds took in a robust $4.1 billion over the week, thanks entirely to China. That took the YTD haul to $77.653 billion for EM funds.

“Over the past 13 weeks, US equities attracted $49 billion in inflows, while Chinese equities captured $27 billion,” TD remarked.

BofA’s Michael Hartnett noted that inflows to EM have picked up, with the four-week moving average inflecting to the highest in two months.