摩根大通：新兴市场资金流向_被动投资持续流入，主动投资远离

J P M O R G A N Global Markets Strategy 27 June 2025 EM Money Trail Passives continue to pour in while actives stay away EM equity inflows decelerated substantially to +$680mn from strong inflows of +$4.1bn last week. However, flows continue to be driven by ETF subscriptions of +$2.2bn this week, after a record +$5.0bn last week. Meanwhile, non-ETFs continued to see persistent sell-off (-$1.5bn, -$904mn last week). Among regional funds, GEMs saw inflows of +$1.5bn, but Asia ex-Japan saw outflows of -$881mn. ...