Energy Flows Come and Go: WEEKLY FUND FLOWS

研报英文原文证据摘录

Energy Flows Come and Go: WEEKLY FUND FLOWS

Economics Research

6 July 2026 | 11:11AM EDT

WEEKLY FUND FLOWS

Energy Flows Come and Go

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

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

equities and positive for fixed income.

n Net flows into global equity funds remained negative in the week ending July 1

(-$14bn vs -$5bn in the previous week). Within DM, US funds drove the net

outflows. Within EM, Mainland China and global EM benchmark funds drove the

net outflows while Taiwan and Korea equity funds saw net inflows. At the sector

level, technology funds saw renewed inflows after seeing the largest net outflows

the previous week. Meanwhile, energy funds saw net outflows as energy prices

have continued to grind lower (see Chart of the Week). We recently noted that

despite this reversal lower in energy prices, the terms of trade (ToT) imprint on

FX has so far proved more durable. We think this stickier ToT imprint reflects

divergent macro impacts which flow through economic data and firm-level

performance over time, and we remain wary of the parallel to the 2022 energy

shock where ToT FX differentiation peaked several months after energy prices

did.

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 and flows into long-duration bond funds

turned positive. In EM, hard-currency and local currency bond funds saw net

inflows. Money market fund assets increased by -$55bn.

n Cross-border FX flows were largely positive across the G10 but negative

elsewhere. USD and EUR saw the strongest net demand.