Goldman Sachs(US:GS)2025-09-22 01:00Summary of Global Fund Flows Industry Overview - The report focuses on global fund flows, particularly in the equity and fixed income markets, for the week ending September 17, 2023 Key Points Equity Market Trends - Strong Demand for Equities: Net flows into global equity funds were robust, with inflows into US equities by domestic investors amounting to +$68 billion compared to -$10 billion in the previous week [4][10] - Foreign Demand Slows: Foreign investors continued to net purchase US equities, but at a slower pace than before. Net inflows from the Euro area remained positive but have become more subdued recently [4][10] - Sector Performance: - Largest Inflows: Industrials, financials, and telecom funds saw the largest net inflows [4][10] - Largest Outflows: Consumer goods and technology funds experienced the largest net outflows [4][10] - Cyclical vs Defensive: Flows into cyclical sectors outpaced those into defensive sectors [4][10] Fixed Income Market Trends - Slower Inflows: Flows into global fixed income funds slowed but remained positive at +$15 billion compared to +$17 billion in the previous week [4][10] - Emerging Markets: Hard currency bond funds in emerging markets saw net inflows, while local currency bond funds experienced net outflows [4][10] Money Market Trends - Decline in Assets: Money market fund assets fell by $5 billion, indicating a shift in investor preference [4][10] Foreign Exchange Flows - Firm Cross-Border Flows: Cross-border FX flows remained strong, with GBP seeing the highest net inflows among G10 currencies [4][12] Geographic Insights - Emerging Markets Focus: Flows were concentrated in mainland China and global EM benchmark funds, while Taiwan saw net outflows driven by local investors [4][10] - Regional Performance: The UK experienced larger net outflows from equities, while the Euro area saw moderate net inflows [4][10] Overall Fund Flow Data - Total Equity Flows: $92.652 billion in total equity flows for the 4-week sum, with $68.389 million for the week ending September 17 [2][10] - Total Fixed Income Flows: $73.999 billion in total fixed income flows for the 4-week sum, with $15.078 million for the week ending September 17 [2][10] Additional Insights - Investment Considerations: Investors are advised to consider this report as one of several factors in their investment decisions [3] - Market Sentiment: The mixed performance across sectors and regions suggests a cautious but active investment environment, with a notable shift towards equities and a decline in money market assets [4][10] This summary encapsulates the key findings and trends in global fund flows, highlighting the dynamics in equity and fixed income markets, as well as foreign exchange movements.