Summary of Key Points from the Conference Call Industry Overview - The report focuses on the equity fund flows in the financial markets, particularly in the context of the week ending September 24, 2025, highlighting trends in both developed and emerging markets. Core Insights 1. **Equity Fund Inflows**: - There was a total inflow of **US$19.6 billion** into equity funds during the week, indicating a positive trend in equity investments [1] - Inflows into bond funds were higher at **US$24.7 billion**, suggesting a continued preference for fixed income securities alongside equities [1] 2. **Regional Fund Flows**: - **US Funds**: Experienced an inflow of **US$6.6 billion** [1] - **Global Funds**: Saw an inflow of **US$2.9 billion** [1] - **European Funds**: Resumed inflows with **US$2.1 billion** [1] - **Gold Funds**: Continued to attract significant investment with inflows of **US$5.0 billion** [1] 3. **Emerging Market (EM) Funds**: - EM funds recorded an inflow of **US$6.7 billion**, with **China ETFs** leading the way at **US$4.9 billion** [2] - **GEM Funds** also saw inflows of **US$2.3 billion** [2] - **Taiwan ETFs** faced redemptions amounting to **US$1.0 billion** for the second consecutive week [2] 4. **Local Market Dynamics**: - Taiwan and India experienced net foreign outflows of approximately **US$0.4 billion** each, while Korea saw an inflow of **US$0.3 billion** [3] - Hong Kong attracted **US$5.0 billion** from Southbound investors, indicating strong interest in the region [3] Additional Insights - The breadth of equity inflows is improving, suggesting a potential recovery in investor sentiment towards equities [1] - The report highlights the importance of monitoring fund flows as a key indicator of market trends and investor behavior [6] - The data indicates a shift in investment strategies, with a notable interest in ESG (Environmental, Social, and Governance) funds, although specific figures were not detailed in the provided content [123] Conclusion - The overall trend in equity fund flows suggests a cautious optimism in the market, with significant inflows into both equity and bond funds, particularly in the US and emerging markets. The dynamics in local markets, especially in Asia, reflect varied investor sentiment, with some regions experiencing outflows while others see substantial inflows.

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - US equity funds experienced an inflow of US$16.3 billion during the week of July 9, 2025, while bond funds saw an inflow of US$20.8 billion, indicating a mixed performance in US fund flows [1] - Global funds continued to attract strong inflows, totaling US$5.1 billion, while European funds had an inflow of US$1.4 billion, primarily into regional ETFs [1] - Emerging Market (EM) funds also saw significant inflows, with US$2.9 billion into EM funds, and US$3.0 billion into GEM funds, marking the fourth consecutive week of strong subscriptions [2] Summary by Sections US Fund Flows - US equity funds had an inflow of US$16.3 billion, while bond funds attracted US$20.8 billion during the week of July 9, 2025 [1] - Mixed flows were observed in US funds, with US$9.5 billion inflows into ETFs countered by US$6.1 billion in redemptions from non-ETFs [1] Global and European Fund Flows - Global funds saw inflows of US$5.1 billion, and European funds had an inflow of US$1.4 billion, mainly into regional ETFs [1] - The report highlights the continued strength of global fund inflows compared to US funds [1] Emerging Market Fund Flows - EM funds recorded an inflow of US$2.9 billion, with GEM funds attracting US$3.0 billion in subscriptions, indicating robust interest in emerging markets [2] - EMEA funds also experienced inflows of US$0.3 billion, while flows to Latin American funds slowed down, particularly in Chile, which saw US$156 million in net redemptions [2] Local Intelligence - Taiwan saw a net foreign inflow of US$1.2 billion, Korea had US$0.4 billion, and Japan experienced a significant foreign inflow of US$3.8 billion [3] - Southbound flows from China to Hong Kong remained strong at US$3.2 billion, reflecting ongoing investment interest in the region [3]