EM Flows Weekly: Sailing past the sirens‘ song: EM bond fund flows catch positive winds to start August

Research evidence excerpt

J P M O R G A N

Global Markets Strategy

07 August 2026

EM Flows Weekly

Sailing past the sirens’ song: EM bond fund flows catch

positive winds to start August

EM Flows Weekly includes fund flow data, non-resident EM portfolio flow

data, weekly retail fund flow models, EM-dedicated retail bond fund beta

trackers, and historical cross-asset fund flows.

EM bond flows were +$495mn (+0.11% of weekly AUM, ↑ from -$369mn);

EM equity flows were +$5.9bn (+0.31% of weekly AUM, ↑ from +$2.2bn).

YTD flows into EM bonds and equities: +$30.7bn and +$60.0bn, respectively.

We recorded +$1.4bn of strategic inflows in Q2 this year, split +$0.8bn in hard

currency and +$0.6bn in local currency.

EM bond funds: Overall retail inflows sharply accelerated to +$495mn this

week (from -$369mn). Hard currency fund inflows rose to +$337mn this week

(from -$223mn), and local currency fund inflows accelerated to +$159mn

(from -$146mn). ETF inflows increased considerably to +$255mn (from $450mn), while non-ETF inflows increased to +$241mn (from +$81mn).

– Within local currency, EM ex-China saw inflows of +$179mn (from $142mn), and China-focused funds saw outflows of -$20mn (from -$4mn).

– Within hard currency, AsiaXJ funds saw outflows of -$4mn (from $160mn), and “broad” EM funds saw inflows of +$341mn (from -$62mn).

EM equity funds: Overall inflows strongly accelerated to +$5.9bn this week

(from +$2.2bn). ETFs saw increased inflows (+$5.5bn, from +$1.9bn), while

non-ETFs also had increased inflows (+$458mn, from +$242mn). Among

regional funds, Asia ex-Japan saw increased inflows of +$1.9bn (from $30mn); EMEA had inflows (+$72mn) and Latam had outflows (-$41mn).

Global cross-asset funds: US HG fund inflows of +$4.8bn this week (from

+$1.3bn); US HY fund inflows increased (+$3.3bn, from -$132mn).

Non-resident EM Portfolio Flows: EM local bonds saw net inflows, led by

Hungary (+$302mn). EM equities saw net inflows, led by Korea (+$4.5bn).

Figure 2: EM bond and equity fund flows

USD billion

Asset

EM Bonds and Equities

EM Bonds

Hard Ccy

Local Ccy^

o.w. EM ex-China

o.w. China

EM Equities

US HG

US HY

Global Equities

8w flows (8w ago → current)

This wk YTD

6.4 90.7

0.5 30.7

0.3 14.5

0.2 16.2

0.2 14.7

…