WEEKLY FUND FLOWS: Memory Lane

Research evidence excerpt

WEEKLY FUND FLOWS: Memory Lane

Economics Research

10 July 2026 | 11:36AM EDT

WEEKLY FUND FLOWS

Memory Lane

Global fund flows, week ending July 8 Lexi Kanter +1(212)855-9701 |

n Flows into mutual funds and related investment products were positive across alexandra.kanter@gs.com Goldman Sachs & Co. LLC

both equities and fixed income.

n Net flows into global equity funds turned positive again in the week ending July 1

(+$56bn vs -$14bn in the previous week). Within DM, US funds drove the net

inflows. Within EM, Mainland China, Korea, and Taiwan funds drove the net

inflows. Korea and Taiwan funds have seen a sharp pickup in inflows this year (see

Chart of the Week) and our strategists expect strong earnings growth driven by

the memory super-cycle to provide continued support to Korea and Taiwan

equities, albeit with elevated volatility. We have previously noted that, while our

economists expect South Korea’s surplus to surge off the back of more valuable

tech exports, so far that surplus been largely recycled into foreign equities,

weighing on the currency. Equity funds saw net inflows across sectors with

technology funds seeing the largest inflows.

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 $40bn.

n Cross-border FX flows were largely positive, signaling supported risk sentiment.

USD saw the strongest net demand while CNY saw the largest net outflows.

Global Fund Flows Summary

Millions USD % AUM

4wk sum 8-Jul 4wk avg 8-Jul

Equity 163,925 56,352 0.13 0.18

Fixed Income 96,185 31,414 0.24 0.32

of which: EM 4,883 631 0.17 0.09