China, EM Dominate US, DM In 2023 Stock Fund Flow Race

I've been on at considerable length about the lack of an "all-in" capitulation moment for US equities on the flows side. Although 2023 can no longer be described as a year of sizable net outflows from US-focused ETFs and mutual funds, the inflection (from outflows to inflows) witnessed since late May still hasn't succeeded in pushing net flows into positive territory for the year. Over the latest week, US equity funds shed a net $1.55 billion, the first weekly outflow in three. The net infl