Maybe the “sell America” narrative’s overdone, maybe it isn’t, but one thing’s for sure: Europe-focused stock funds are enjoying a veritable flows renaissance.

Such funds took in $0.4 billion over the latest weekly reporting period on net, and while that’s not a lot, it nevertheless marked a sixth straight inflow and a 14th in 15. For the year, European shares have taken in more than $42 billion, on pace for their biggest annual haul in a decade.

Meanwhile, US-focused equity ETFs and mutual funds returned to outflows over the last week, according to EPFR’s figures. It’s not so much the numbers (this week’s $1.8 billion leak was dwarfed by the prior week’s near $20 billion haul) as it is the “choppiness” since late March.

As the figure shows, inflows to non-US shares have exhibited more in the way of predictability over the last two months.

Thanks to a fast start and a handful of very large intakes, US shares still account for more than half ($155 billion out of $290 billion) of total global equity inflows for 2025. But I really do think it’s fair to describe a zeitgeist shift.

The updated figure below shows you the breakdown by region.

Note the on-again, off-again (up and down) character of the blue bars (US flows) since March compared to the consistently positive trend in the yellow bars (Europe).

Japanese shares have likewise enjoyed consistent inflows in recent months. Japan-focused funds have seen just two weekly outflows since late-February.

It’s also worth noting that EM flows are net negative on the year. China-focused funds have shed more than $4 billion, and Indian equities nearly $2 billion.

In any event, the overarching message is that while there’s scant evidence to suggest a wholesale exodus from US assets, this feels like a different environment compared to late last year, when all anyone wanted was US shares.

And yet, in a testament to the notion there’s “still no substitute,” if you will, US-focused equity funds remain on track for their second-largest annual inflow on record, north of $400 billion. TINA lives.