Global equity and bond funds continued to see net inflows, while energy sector flows turned positive again

Overview

This report tracks global mutual fund and related investment product flows for the week ending July 15, 2026. The core conclusion is that both equities and fixed income recorded positive inflows, money market fund assets declined sharply, and cross-border FX flows were broadly positive, indicating continued support for risk appetite. Within equities, the US, Mainland China, Korea, and Taiwan were the main regional sources of inflows; within sectors, Technology remained the leader, while Energy recently turned back to net inflows.

Core views

The report argues that flows into global risk assets remain broadly constructive: first, weekly net inflows into global equity funds were broadly flat versus the prior week, showing continued demand for equity allocation; second, fixed income funds attracted inflows across multiple categories, with short-duration and inflation-protected products especially stable; third, the rebound in energy prices not only improved flows into the Energy sector but was also viewed as an important factor supporting the Dollar and front-end US yields; fourth, within FX flows, demand was strongest for USD and KRW, while CNY continued to see outflows, indicating clear divergence in cross-border capital preferences.

Analysis framework

The report is primarily based on fund flow data compiled by EPFR, Haver Analytics, and Goldman Sachs Global Investment Research. It analyzes weekly flows, 4-week totals, percentage of AUM, and 4-week cumulative Z-scores across asset classes, regions, countries, sectors, and currencies to assess the direction, strength, and relative historical positioning of flows.

Methodology notes

• Fund flow monitoringEPFR global fund flow framework

  Net inflows into mutual funds and related investment products

  Measures capital inflows and outflows across different assets, regions, and sectors based on fund subscriptions/redemptions and asset size, and is used to observe investor allocation direction.

• Relative strength assessment%AUM and Z-score

  Standardization of fund flow intensity

  By dividing flows by assets under management and combining this with the 4-week cumulative Z-score, the framework helps compare the relative strength of flows across asset classes, countries, and sectors.

• Foreign exchange flowsCross-border FX flow methodology

  Cross-border equity and bond fund flows excluding hard currency EM bond funds and FX-hedged products

  The report states that FX flows are measured based on the registration location of underlying funds to capture cross-border equity and fixed income fund flows, while excluding emerging market hard currency bond funds and FX-hedged products.

Asset mapping & comparison

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

• Global equity funds

  Direct tracking target

  Strengths

  Both weekly and 4-week fund flows were positive, with notable contributions from the US and some Asian emerging markets.

  Weaknesses

  Regional divergence remains, with weaker performance in directions such as Western Europe, India, and Brazil.

  Comparison

  Weekly net inflows into equity funds were about $55.8 billion, higher than the roughly $19.8 billion for fixed income funds.

  Risks

  If risk appetite weakens or energy price shocks intensify, equity inflows may slow.

• Fixed income funds

  Direct tracking target

  Strengths

  Overall inflows were stable, with government bond, Agg-type, short-duration, and inflation-protected bond funds all receiving support.

  Weaknesses

  High yield saw slight net outflows during the week, indicating that risk appetite for credit has not improved across the board.

  Comparison

  The 4-week cumulative net inflow was about $96.9 billion, slightly above the roughly $93.3 billion 4-week total for equity funds.

  Risks

  Front-end rates, inflation expectations, and changes in energy prices may affect duration and credit allocation in bonds.

• Money market funds

  Risk appetite indicator

  Strengths

  Outflows may reflect investors rotating from cash-like assets into equities and bonds.

  Weaknesses

  The large weekly outflow may also reflect seasonality, liquidity management, or institutional cash reallocation.

  Comparison

  Weekly net outflows were about $119.6 billion, contrasting with net inflows into equity and fixed income funds.

  Risks

  If market volatility rises, capital may flow back into money market funds.

• Energy sector funds

  Sector flow focus

  Strengths

  Recently turned back to net inflows, driven by renewed escalation in the Middle East and a rebound in energy prices.

  Weaknesses

  The 4-week total is still negative, indicating that the trend repair has not yet been fully confirmed.

  Comparison

  Technology remains the largest sector for inflows, while Energy reflects more of a marginal improvement story.

  Risks

  Changes in oil prices, European natural gas prices, and geopolitics could cause flows to reverse quickly.

• Technology sector funds

  Sector flow focus

  Strengths

  The largest sector for net inflows on both a weekly and 4-week cumulative basis, with strong flow momentum.

  Weaknesses

  Highly crowded flows may increase valuation risk and position drawdown risk.

  Comparison

  Weekly net inflows into Technology were about $17.4 billion, significantly higher than other sectors.

  Risks

  If growth-stock valuations, rate expectations, or enthusiasm around AI themes change, inflow intensity may weaken.

• USD and KRW

  Beneficiaries in FX flows

  Strengths

  USD and KRW recorded the strongest net demand, indicating strong cross-border capital preference.

  Weaknesses

  Strong inflows may be driven by short-term risk sentiment or rate differentials, and sustainability remains to be seen.

  Comparison

  CNY continued to see net outflows, in sharp contrast to USD and KRW.

  Risks

  If expectations for US dollar rates, capital momentum in the Korean market, or global risk appetite change, net demand may weaken.

Key data

• Weekly net inflows into global equity funds+$55.759bnFor the week ending July 15, 2026; the 4-week total was +$93.260bn.
• Weekly net inflows into global fixed income funds+$19.840bnThe 4-week total was +$96.864bn, showing that bond fund inflows remained supported.
• Weekly flows into money market funds-$119.614bnMoney market fund assets declined, and the 4-week total was -$50.613bn.
• Weekly net inflows into FX flows+$24.827bnThe 4-week total was +$75.684bn, and the report says cross-border FX flows were broadly positive overall.
• Weekly net inflows into Technology sector funds+$17.439bnTechnology remained the largest sector-level direction for net inflows, with a 4-week total of +$38.399bn.
• Weekly net inflows into Energy sector funds+$653mnEnergy flows recently turned back to net inflows, though the 4-week total was still -$7.445bn.
• Weekly net inflows into Mainland China equity funds+$16.165bnAmong emerging markets, Mainland China, Korea, and Taiwan jointly drove net inflows.
• Weekly net inflows into Korea equity funds+$6.292bnThe 4-week total was +$14.311bn, and the 4-week cumulative Z-score was 3.56.
• Weekly net inflows into USD FX flows+$9.757bnUSD was one of the currencies with the strongest net demand, with a 4-week total of +$35.657bn.
• Weekly net outflows from CNY FX flows-$314mnCNY continued to see net outflows, with a 4-week total of -$1.717bn.
• Weekly net inflows into KRW FX flows+$4.881bnNet demand for KRW was strong, with a 4-week cumulative Z-score of 2.64.

Impact & implications

Fund flow signals indicate that global investors are still allocating to equities and bonds while withdrawing from money market funds, which is more consistent with improving risk appetite than a defensive contraction. The return of Energy sector flows to positive territory suggests that geopolitical risk and energy price volatility are once again influencing asset allocation; continued large inflows into Technology indicate that growth and AI-related themes remain attractive to capital. On the FX side, strong demand for USD and KRW alongside continued CNY outflows implies that cross-border allocation is tilting more toward dollar assets and certain high-momentum Asian markets.

Risks

• If the Middle East situation and energy prices continue to fluctuate, they may simultaneously affect Energy flows, the Dollar, and front-end US yields.
• Continued concentration of flows into Technology may create crowded trade risk.
• Large outflows from money market funds do not necessarily fully represent improving risk appetite and may also include liquidity or seasonal factors.
• Continued net outflows from CNY suggest ongoing pressure on China-related cross-border flows.
• This report is a fund flow monitor and is not equivalent to a fundamental earnings forecast or a single-security investment recommendation.

What to watch

• Whether Energy sector funds can extend a one-week return to positive territory into a 4-week trend improvement.
• Whether large inflows into Technology funds continue or begin to cool at the margin after becoming crowded.
• Whether inflows into Mainland China, Korea, and Taiwan equity funds will persist.
• Whether net demand for USD and KRW continues to lead, and whether CNY outflows narrow.
• Whether money market fund assets continue to flow out and rotate into equity and fixed income products.
• Whether divergence widens within fixed income among short-duration, inflation-protected, and high-yield bond fund flows.