If you were wondering, US equities saw more outflows in the lead up to “Liberation Day.”

Next week’s flows tally will be the one to watch given it’ll capture the worst two-day slide for Wall Street since the pandemic — and whatever happens over the next three sessions.

But just so you’re apprised, it’s worth noting that in the days ahead of Donald Trump’s bungled tariff rollout, US-focused equity ETFs and mutual funds lost a net $4.7 billion after shedding more than $20 billion the week prior.

The updated figure shows you the breakdown by region. European stocks have now seen inflows every week for two months, and Japanese shares every week since late February.

Of course, US stocks took in huge sums in January, again in mid-February and raked in more than $34 billion in a single week midway through March. So, although investors have demonstrated an inclination to rotate out of the US and into RoW of late, US shares are nevertheless still “on pace” for their second-largest haul ever, after 2024.

I put “on pace” in scare quotes. I don’t think it makes sense to extrapolate out to year-end. The zeitgeist has changed, and the world has too.

Gold, meanwhile, saw yet another chunky inflow. Gold funds have seen inflows every week but one in 2025.

Note that as of now, gold’s tracking for a record $80 billion annual intake. The next closest year (and again, we’re extrapolating three months out to 12, which is a silly thing to do) was 2020, when gold took in just under $40 billion.

Gold fell sharply with everything else in the tortured aftermath of “Liberation Day,” but posted gains in 12 of the last 14 weeks.

For the year so far, global equities have seen $193 billion of net inflows. The breakdown on that’s $297 billion to ETFs and $104 billion from mutual funds.

Suffice to say the active-to-passive shift’s ongoing.