US equity-focused ETFs and mutual funds returned to inflows over the latest weekly reporting period.

After the largest exodus of 2023 (which, I should probably note, occurred in and around tax-related distortions in other flow series), US funds took in $11.925 billion in the week to September 27.

That erased most (but not all) of the $18 billion that hit the exits the week before.

Recall that the week to September 13 saw that the largest one-week inflow since March of 2022.

With the latest influx, net flows to US-dedicated funds are now positive on the year again, albeit barely, at $3.5 billion.

The figure below is updated with the latest flows and AAII data. It gives you a sense of the extent to which 2023 was a “before Nvidia” and “after Nvidia” tale, at least as it relates to equity fund flows and sentiment.

Of course, interpretation is complicated by the proximity of the debt ceiling resolution to Nvidia’s late-May beat and raise, but you get the idea. Now, flows are oscillating and the AAII bull gauge sits at the lowest since… well, since the week of Nvidia’s Q1 report in May.

Elsewhere on the flows front this week, European equity funds shed assets for the 29th straight week, while EM funds took in $6 million (with an “m”). YTD flows to emerging market equity funds exceed $95 billion.

Also of note: Treasurys saw their first outflow since March, and Lipper’s data found US junk funds losing $2.41 billion, the biggest exodus since late February.