Global fund flows continue into equities, bonds, and FX, while energy fund flows retreat from elevated levels

Overview

This report tracks global fund flows for the week ended May 13, 2026. Overall, flows into equities, fixed income, money markets, and FX remained positive, indicating that risk appetite is still supported; however, flows diverged meaningfully across regions, sectors, and asset classes. On the equity side, developed markets, the United States, and Japan were supported by demand, while emerging-market equities were pressured by outflows from Mainland China, South Korea, and others. Fixed income flows were more resilient, with solid demand for broad bonds, government bonds, short-duration bonds, and inflation-protected securities. Energy fund flows turned into outflows after a prior surge in inflows, drawing attention to the relationship with the S&P GSCI.

Core views

The core view is as follows: first, global equity fund net inflows have recovered, with developed markets clearly outperforming emerging markets; second, fixed income fund flows are steadier, and both local-currency and hard-currency emerging-market bonds saw net inflows; third, at the sector level, technology and infrastructure flows were strong, consumer goods saw the most pronounced outflows, and energy fund flows cooled from prior strength; fourth, FX flows were broadly positive, led by G10 and dollar-related inflows; fifth, at the regional level, some markets such as South Korea and Brazil showed stronger flow momentum, while Mainland China equity funds still faced significant outflow pressure.

Analysis framework

The report uses weekly fund flows, four-week cumulative flows, four-week moving averages, % of AUM, and z-scores to compare flow strength across asset classes, regions, sectors, and currencies, and it compares energy fund flows with the performance of commodity indices such as the S&P GSCI.

Methodology notes

• Fund flow trackingGlobal fund flow analysis

  Track net fund subscriptions/redemptions by asset class, region, and sector

  The report breaks down flows into equities, fixed income, money market, and FX-related flows, and uses weekly and four-week cumulative values to observe short-term direction.

• Relative strength measurementAUM share and z-score

  Use flow as a percentage of assets under management and historical standardized scores to gauge abnormality

  The same absolute flow can mean different things across different asset pools, so the report combines %AUM and z-scores to judge whether flows are significant.

• Trend smoothingFour-week moving average

  Reduce single-week noise to observe trends

  Multiple charts use four-week moving averages to show regional, sector, energy fund, and cross-border flows, avoiding overreaction to single-week extremes.

• FX flow definitionCross-border fund flow convention

  Measure cross-border equity and fixed income flows using the fund domicile convention

  FX flows are defined as cross-border equity and fixed income fund flows, excluding hard-currency emerging-market bond funds and FX-hedged products; AUM is calculated at the fund domicile level.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Energy funds

  Directly related to the commodity index and energy flow theme

  Strengths

  They saw strong inflows in early 2026 and showed either synchronous or leading behavior relative to the upward phase of the S&P GSCI.

  Weaknesses

  The latest weekly flow turned to an outflow of about USD 500m, cooling markedly from the prior peak.

  Comparison

  Compared with sectors such as technology and infrastructure that still show relatively strong net inflows, energy has weaker near-term flow momentum.

  Risks

  If commodity prices pull back or flows continue to leave the sector, energy equities may face position-reduction pressure.

• Global equity funds

  One of the core asset classes in the report

  Strengths

  Both the weekly and four-week cumulative readings were net inflows, supported by strong demand in developed markets and the United States.

  Weaknesses

  Emerging-market equities saw large outflows, with strong divergence within the region.

  Comparison

  Equity fund inflows were weaker than the four-week cumulative scale of fixed income and money market flows, but the risk-appetite signal remains positive.

  Risks

  If emerging-market outflows broaden or U.S. inflows slow, overall equity fund flows may weaken.

• Fixed income funds

  One of the core asset classes in the report

  Strengths

  Four-week cumulative inflows were about USD 92bn and weekly inflows were about USD 28.6bn, with broad bonds, government bonds, and short-duration bonds all supported.

  Weaknesses

  Long-duration bonds lagged relatively, suggesting investors remain cautious about interest-rate volatility.

  Comparison

  Fixed income weekly inflows were higher than equity fund inflows, reflecting more defensive allocation demand.

  Risks

  Changes in inflation and the interest-rate path could alter duration preferences.

• Emerging-market equities

  An important drag in regional flow divergence

  Strengths

  Some markets, such as Brazil and South Korea, showed relatively strong flow momentum in several charts.

  Weaknesses

  Four-week cumulative flows were sharply negative, mainly dragged down by outflows from Mainland China equity funds.

  Comparison

  Clearly weaker than developed-market equities, especially weaker than U.S. and Japan-related inflows.

  Risks

  If Mainland China, India, and other markets continue to see outflows, overall emerging-market performance will be pressured.

• FX flows

  A signal for cross-border risk appetite and currency allocation

  Strengths

  Both the four-week cumulative and weekly readings were positive, with notable contributions from G10 currencies, the U.S. dollar, the Japanese yen, and the Canadian dollar.

  Weaknesses

  Performance within Asia was mixed; KRW was negative on a four-week cumulative basis, and INR and TWD were weak in the latest weekly reading.

  Comparison

  G10 flows were clearly stronger than those for Asia, the Americas, EMEA, and Frontier markets.

  Risks

  If risk appetite fades or the dollar reverses direction, cross-border fund flows could swing quickly.

Key data

• Global equity fund four-week cumulative inflow71.958bn USDAs of the week ended May 13, global equity funds recorded four-week cumulative net inflows of about USD 71.958bn, with weekly net inflows of about USD 20.458bn.
• Global fixed income fund four-week cumulative inflow92.008bn USDFixed income recorded four-week cumulative net inflows of about USD 92.008bn, with weekly net inflows of about USD 28.55bn, making it one of the largest inflow asset classes that week.
• Money market fund four-week cumulative inflow92.502bn USDMoney market funds recorded four-week cumulative net inflows of about USD 92.502bn, with assets increasing by about USD 5.756bn that week.
• Emerging-market equity four-week cumulative outflow-53.511bn USDEmerging-market equity funds recorded four-week cumulative net outflows of about USD 53.511bn, of which Mainland China equity funds accounted for about USD 52.113bn.
• Energy fund weekly flow-0.5bn USDEnergy funds recorded a weekly net outflow of about USD 500m, versus net inflows of about USD 4bn the prior week, indicating that momentum cooled after the prior strong inflow.
• Four-week cumulative FX flow70.136bn USDFX flows totaled about USD 70.136bn over four weeks, with about USD 25.746bn in the latest week; G10 and the dollar contributed materially.
• Developed-market contribution from U.S. equity funds68.543bn USDDeveloped-market equities recorded four-week cumulative net inflows of about USD 74.072bn, of which U.S.-related inflows accounted for about USD 68.543bn.
• Energy flows and the S&P GSCIEarly-2026 energy fund flow peak: about USD 2.5-2.6bn four-week averageThe chart shows energy fund flows rose sharply to a peak in early 2026 and then clearly cooled, while the S&P GSCI remained elevated.

Impact & implications

From an investment perspective, fund flows still support broad risk appetite across equities, bonds, and FX, but this is not a blanket expansion in risk appetite; rather, it is tilted toward developed markets, the United States, Japan, fixed income, and selected high-momentum sectors. Energy-related assets are seeing flows weaken from prior strength, suggesting investors should watch for a divergence between still-elevated commodity prices and weakening flow momentum. Divergence within emerging markets is large, with continued outflows from Mainland China equity funds as the main pressure point, while markets such as South Korea and Brazil are stronger on certain metrics. Fixed income inflows remain resilient, especially in short-duration, government, broad bond, and inflation-protected segments, reflecting investors' continued attention to interest-rate and inflation risk management even as risk appetite improves.

Risks

• This report is a fund-flow and thematic research piece; it is not a stock recommendation and does not distinguish the fundamentals of individual companies.
• Fund-flow data may be affected by weekly subscriptions and redemptions, fund domicile conventions, index rebalancing, and FX-hedging methodology.
• Energy fund flows have already retreated from their prior peak; if commodity indices remain elevated but flows continue to weaken, price and positioning momentum may diverge.
• Emerging-market equity flows are highly concentrated in outflows from Mainland China, so a single regional factor can magnify the headline reading.
• Some chart values are based on visual recognition and approximate reading; exact values should be confirmed against the original data tables.

What to watch

• Whether energy funds continue to see outflows, and whether they begin to lead the S&P GSCI or other commodity indices lower.
• Whether outflows from Mainland China equity funds ease, and whether their drag on global emerging-market equity flows diminishes.
• Whether inflows into U.S. and Japan developed-market equity funds can continue.
• Whether demand for short-duration, inflation-protected, government, and broad bond funds remains stronger than for long-duration bonds.
• Whether G10- and dollar-related FX flows remain dominant, and whether Asian currency flows move from divergence to recovery.
• Whether markets with stronger recent flow momentum, such as South Korea and Brazil, can sustain foreign inflows.