In the humorously titled “MAGAFOMOTINA,” I noted that US equities have surpassed $400 billion of inflows for 2024.

If you’re curious, that figure — the cumulative inflow tally — for global equity funds this year now stands at $624 billion.

As the figure below shows, outflows were very rare this year. With just a few weeks left on the calendar, we’ve seen just five net redemptions.

Remarkably, there were only three weeks where the outflows were anything but negligible.

The split on that $624 billion figure is $988 billion to equity ETFs and $363 billion from mutual funds. That’s in no small part a reflection of the ongoing active-to-passive shift. Note that equity ETFs will almost surely hit the $1 trillion inflow mark by year-end.

For US equities in particular, this was a historic year. The figure below, from BofA’s Michael Hartnett, gives you some context.

Barring a reversal into the holidays, 2024 will easily top 2021 for the largest annual inflow.

Looking further at the breakdown, DM funds have seen $475 billion of inflows (almost all US) against $149 billion for emerging market-focused funds (almost all India and China).

The other big flow winners in 2024 other than US stocks were IG bonds (which’ve already easily surpassed any other year for inflows), money market funds and, of course, crypto, a relative newcomer on the block.

As the figure shows, crypto funds became “a thing” in 2024, a dozen years after Bitcoin emerged from obscurity to take its place in the global monetary consciousness.

And just think: The regulatory environment for crypto in the US is about to become much more lenient.