WEEKLY FUND FLOWS Tech Turbulence

Research evidence excerpt

WEEKLY FUND FLOWS Tech Turbulence

Economics Research

26 June 2026 | 2:44PM EDT

WEEKLY FUND FLOWS

Tech Turbulence

Global fund flows, week ending June 24 Lexi Kanter +1(212)855-9701 |

n Flows into mutual funds and related investment products turned negative for alexandra.kanter@gs.com Goldman Sachs & Co. LLC

equities but remained positive for fixed income.

n Net flows into global equity funds turned slightly negative in the week ending

June 24 (-$5bn vs +$126bn in the previous week). Within DM, US and Europe

funds drove the net outflows. Within EM, Mainland China equity funds drove the

net outflows while Taiwan equity funds saw net inflows. At the sector level, after

several weeks of strong inflows, technology funds saw the largest net outflows

(see chart of the week). We recently noted that the Dollar’s resilience though

software sell-off in February and tech-sector wobbles in recent days has

reflected, in part, that the shock was not clearly US-negative, with global equities

selling off alongside US equities. While we think equity volatility is likely to rise

further, our expectation for a continued AI investment boom suggests that the

relative equity impulse should remain a tailwind for the Dollar in our view.

n Flows into global fixed income funds remained well-supported from inflows

across fund types. Short-duration bond funds and inflation-protected bond

funds have seen sustained inflows. In EM, hard-currency and local currency bond

funds saw net inflows. Money market fund assets increased by -$26bn.

n Cross-border FX flows were broadly positive. USD, EUR and JPY saw the

strongest net demand. CNY also saw net inflows after several weeks of net

outflows.

Global Fund Flows Summary

Millions USD % AUM

4wk sum 24-Jun 4wk avg 24-Jun

Equity 176,044 -4,992 0.14 -0.02