Quant | Trading Flows Monitor | Kepler Cheuvreux June 2026 Trading flows summary

研报英文原文证据摘录

Quant | Trading Flows Monitor | Kepler Cheuvreux June 2026 Trading flows summary

Trading Flows Monitor

02 July 2026

Stéphanie Sureau ssureau@keplercheuvreux.com

Ahmed Ben Hassine abenhassine@keplercheuvreux.comKepler Cheuvreux June 2026 Trading flows Tom Le tle@keplercheuvreux.com

summary

Key points:

June confirmed the balance between buying and selling flows, already observed in May. Hedge Funds (+7%) and Funds

(+1%) were net buyers, offset by strong selling from Banks-Brokers (-10%), while Retail investors remained broadly

neutral. US investors intensified their buying activity (+21%), whereas UK investors were net sellers (-6%).

Only the Smallest-cap segment attracted net buying flows (+5%). Hedge funds, UK and US investors favoured Small and

Smallest caps. Retail investors were net buyers in all capitalisation buckets, except for Large caps.

Investors came back to Value stocks in June (+2%), as opposed to Growth stocks (neutral flows). Rotation was seen among

most investor types and regions. Only Retail and US investors showed a preference for Growth (+16% from US investors).

Flows remained net buyers for Consumer Discretionary (+9%), Financials (+6%), and Utilities (+2%), net sellers for Health

Care (-9%), Communication Services (-8%), and Consumer Staples (-2%). Flows became very strong net sellers in Energy

(-27%) after two months with net buys.

Spain saw the strongest imbalance (+14%). Flows became net buyers in France and the UK, while Benelux (-13%) and

Switzerland (-7%) saw the strongest selling pressure.

In this edition, we introduce a new section on US flows, comparing them to Europe. While investors seem to favour the US

region overall, their preference is now far weaker than over the previous two years. Hedge funds and US investors showed