US equity-focused ETFs and mutual funds notched another week of inflows with a modest $3.9 billion haul, according to the latest update.

The influx came on the heels of an $11.9 billion inflow the prior week, which helped offset a mid-September exodus that counted as the largest of 2023.

YTD, net flows to US stock funds are now positive to the tune of $7.7 billion.

The simple figure above illustrates the extent to which there are two flow regimes in 2023, one pre-Nvidia Q1 results / debt ceiling deal and one post-those events.

Regular readers hear this every week, but it really does bear repeating: Net flows to US equity funds were negative by nearly $70 billion midway through May.

Individual investor sentiment rebounded with flows around the Nvidia shocker and the avoidance of a technical US default, but faded thereafter. The AAII bull index moved marginally higher this week.

The figure above is updated with the latest figures, but the message is the same as last week: Sentiment and flows now reflect the generally indeterminate character of the macro environment.

Elsewhere on the flows front, European-focused equity ETFs and mutual funds bled for a 30th week, and emerging market stock funds managed to eke out a third straight inflow (a minuscule $192 million). The disparity between EM and DM stock fund inflows in 2023 is glaring: $95.46 billion to EM against just $17.6 billion to DM.

Meanwhile, high yield bond funds lost $3.1 billion, running the streak of outflows to five weeks. Treasury inflows continued and global money market funds took in $71 billion, the most since July. ICI data released on Thursday showed US money funds took in $64 billion over quarter-end.