For what it’s worth, US equity-focused ETFs and mutual funds recouped a meaningful portion of the largest outflow since September over the latest weekly reporting period.

The net $11 billion haul counted as the largest inflow of 2024 for US equity funds and was enough to push net flows for the year back into positive territory.

US-dedicated funds were the lion’s share of a net $16.1 billion inflow to equities globally.

Over the same stretch, emerging market equity funds extended a lengthy streak of inflows, adding another $3 billion and taking the YTD total to $51.3 billion. Funds focused on European shares continue to see outflows, while a relentless rally in Japanese stocks attracted money for a fifth straight week. (The BoJ is now sitting on a hilarious 32 trillion yen of unrealized gains in its ETF portfolio.)

Stocks were this week’s flows winner, with IG credit a close second. High-grade bonds have seen four months of uninterrupted inflows. If you annualize the YTD figures, you’re left to ponder what’d be a half-trillion year for IG fund inflows, double the record.

Speaking of annualizing seven weeks of data to conjure eye-watering statistics, BofA’s Michael Hartnett noted that tech-focused equity funds are likewise on track for a banner year, not surprising given the narrative (and names) driving stocks to fresh records.

As the figure shows, tech funds would take in $85 billion this year at the current pace, dwarfing any previous year on record.

“Investors and funds simply can’t own enough of the concentrated group of names which have done all the heavy-lifting in the index this past year,” Nomura’s Charlie McElligott said Friday, referring to mega-cap tech and AI winners.

“With the market crashing-up, your options have been clear,” he went on. “Chase market beta [or] grab index option upside [for] fear of the right-tail.”