If you were curious, 2025’s off to a solid start on the flows front. For US equities, “solid” is an understatement.

US-focused funds, which are coming off a record year for inflows in 2024, continue to exhibit quite a bit in the way of magnetism.

After a near $21 billion haul over the latest weekly reporting period, the total for this month stood at $76 billion, a record for any January. As the figure below shows, US shares have seen inflows every week so far in the new year.

Most of the influx to US stocks is attributable to large-cap funds.

Thanks almost entirely to ongoing demand for shares of “American exceptionalism,” global equities are off to one of their best flows starts ever, taking in nearly $100 billion over the last five weeks.

That’s second only to 2018, which some readers may recall kicked off with an impressive melt-up catalyzed by the Trump tax cuts. That party was interrupted on February 5, 2018, when the VIX ETN complex imploded (on Jerome Powell’s first day in the big seat, by the way). By year-end, US stocks were in a mini-bear market.

It’s not just US stocks that’ve seen big inflows during the opening weeks of 2025. As BofA’s Michael Hartnett noted, Treasurys likewise saw a record January inflow, as did cash (i.e., money market funds), which took in $174 billion globally for the month.

Tellingly, European shares have seen outflows every week so far. For their part, emerging market-focused equity funds shed $3 billion for the month. It was the first January outflow for EM shares since 2016, when the world was entering a manufacturing mini-recession and markets were still grappling with the fallout from China’s bungled attempt to devalue the yuan.