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Goldman Sachs

May 24, 2026

Weekly Fund Flows: Europe Buys US Again

Weekly UpdateEquitiesRates Govt BondsFXInformation TechnologyFinancials

Global fund flows remained positive, led by strong demand for US assets and Technology sector equities. Conversely, Mainland China and EM equity funds experienced outflows while US Treasuries saw a regional split in demand between Europe and Asia.

Key Takeaways

  • 1.Global fund flows remained positive for both equities (+$2bn) and fixed income (+$32bn) for the week ending May 20.
  • 2.The US saw strong demand for equity and fixed income, while Emerging Markets, specifically Mainland China, experienced significant net outflows.
  • 3.Technology was the standout sector for equity inflows, while financials recorded the largest outflows.

Table of Contents

  • Global Fund Flow Trends
  • Total Unhedged Foreign Flows By Country
  • Fixed Income & Equity Flows
  • FX Flows
  • The G10 FX Strategy Team
  • Disclosure Appendix

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Authors

Lexi KanterMichael CahillKaren Reichgott FishmanStuart Jenkins

Securities

US Treasury FundsMXWO

Themes

Cross-border Regional DivergenceGrowth/Tech Sector ConcentrationFX Management and Macro Shocks

Regions

North AmericaEuropeAsia PacificUnited StatesChinaSouth Korea