US equities returned to inflows as the curtain closed on an August to forget for investors.

Mutual funds and ETFs focused on US shares took in $4.495 billion in the week to August 30, the latest update from EPFR showed.

The modest haul snapped a three-week streak of outflows and came on the heels of the largest exodus since early May, prior to Nvidia’s game-changing report.

Overall, US-focused funds shed a net $9.88 billion last month. For 2023, the net outflow stands at $16.5 billion. It was as large as $68.5 billion and came within $7 billion of turning positive before last month’s outflows.

For a change, developed market funds actually took in more than their emerging market counterparts over the latest week. DM inflows of $5.344 billion were $400 million better than the inflow to EM-focused funds.

The YTD discrepancy remains vast. EM equity funds have taken in $94.375 billion. Outflows from DM funds stand at $6.9 billion.

Investors have thrown away nearly $66 billion on China-focused products this year. That, as overseas investors are now selling Mainland shares through the Hong Kong links at a record pace.

European funds suffered a 25th straight week of outflows through August 30. Notably, tech funds saw a 10th straight week of inflows, the longest streak in two years.

Of course, the real flows story of 2023 continues to be cash. Inflows to global money market funds now exceed $930 billion YTD.