Flows, Sentiment And Too Much Information

We're far enough into 2024 to start talking about YTD "trends" in equity fund flows. So far, it's been all emerging markets with anomalous inflows to China, where stocks are beset, confidence is abysmal and officials are working "around the clock" (as Bloomberg put it) to rescue local shares from a multi-year bear market. Take this week, for example. EM equity-focused ETFs and mutual funds saw a record $20.8 billion inflow, with $19.8 billion going to China. That, BofA's Michael Hartnett wrote