WEEKLY FUND FLOWS: Renewed Energy Inflows

Research evidence excerpt

WEEKLY FUND FLOWS: Renewed Energy Inflows

Economics Research

17 July 2026 | 12:41PM EDT

WEEKLY FUND FLOWS

Renewed Energy Inflows

Global fund flows, week ending July 15 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 remained positive in the week ending July 15

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

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

inflows. At the sector level, technology funds have continued to see the largest

net inflows. Energy sector flows turned net positive again in recent weeks

following the re-escalation in the Middle East (see Chart of the Week). We recently

noted that the rebound in energy prices has been an important source of

support for the Dollar and for front-end US yields in our view, but the

composition of the energy move—with more upside in European natural gas than

in oil—has been a distinguishing feature of the month-to-date FX moves versus

the spikes in March and April.

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 decreased by -$120bn.

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

USD and KRW saw the strongest net demand while CNY saw continued net

outflows.

Global Fund Flows Summary

Millions USD % AUM

4wk sum 15-Jul 4wk avg 15-Jul

Equity 93,260 55,759 0.08 0.18

Fixed Income 96,864 19,840 0.24 0.20

of which: EM 5,568 878 0.20 0.12