EM Weekly Fund Flows Monitor Foreign selling continues, driven by Taiwan w w

Portfolio Strategy Research 24 July 2026 | 5:47PM BST

Foreign selling continues, driven by Taiwan w/w; EM/Asia MFs raise exposure most in China, while trimming Korea in June; Korea leverage moderates from high; signs of National Team buying in China

Foreign (FII) flows / positioning Brazil and Mexico, and are most UW North Asia markets Sunil Koul | n EM Asia ex-China markets saw FII outflows of US$0.2bn of Taiwan and Korea (relative to benchmarks). Over Goldman Sachs International

w/w, driven by Taiwan (-US$2.2bn) but offset by Korea past 3-months, EM funds have increased exposure to Timothy Moe, CFA | (+US$1.4bn) and India (+US$0.6bn). Non-Asia EMs saw China by 205bps, while trimming Korea by -140bps. Goldman Sachs (Singapore) Pte

modest selling of ~US$100mn w/w, led by Brazil Sectorally, Asia and EM funds are most OW China Alvin So, CFA | (-US$74mn). Industrials, while most UW Taiwan and Korea Tech H/W Goldman Sachs (Asia) L.L.C.

& Semis. In June, investors continued to rotate Korean Tarun Lalwani, CFA | exposure from Tech h/w to Industrials and other HK/China Connect, Domestic retail flows Goldman Sachs India SPL domestic China sectors like Consumer retail and banks. n Southbound saw US$0.4bn inflows w/w (Ytd US$49bn). Si Fu, Ph.D. | Taiwan (-US$2.7bn) & Korea (-US$1.8bn) saw retail n Korea Leverage ETFs, Margin Financing. The recent Goldman Sachs (Asia) L.L.C.

selling w/w. Ytd, Asia has seen US$76bn retail inflows. sell-off has pushed Korea leveraged ETF AUM back to Kinger Lau, CFA | levels seen before the launch of single-stock leveraged Goldman Sachs (Asia) L.L.C.

ETFs. Leveraged ETFs still represent only about 5% of John Kwon Global Equity mutual fund flows total ETF AUM in Korea. Margin call receivables have | Goldman Sachs (Singapore) Pte n Equity funds globally saw inflows of US$30bn w/w (vs. moderated to 0.7%, while margin loan balances have US$56bn inflow last week). In DM, US funds saw net Amorita Goel, CFA fallen to KRW 32 trillion from a peak of KRW 38 trillion. | Goldman Sachs (Singapore) Pte selling of US$7.2bn. Europe (-US$1.6bn) saw selling and n Foreign de-risking; NT flows. Foreign de-risking has Mambuna Njie Japan (+US$1.5bn) saw buying w/w. In EM, GEM funds | continued in the region with cumulative selling of more saw US$1.9bn w/w (+US$51bn ytd). Goldman Sachs International than US$50bn in EM (ex-China) equities over the past five weeks. In onshore China, the top 10 National Team Focus: MF positioning; KR leverage; NT flows (NT) favorite ETFs had around RMB100bn net inflows n Mutual Fund Positioning. Based on Final EPFR data for over the past two weeks, signaling resumed National end-June, EM funds remain most OW LatAm markets of Team buying.

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Goldman Sachs EM Weekly Fund Flows Monitor

Focus: Mutual Fund Positioning (end-June 2026)

Exhibit 1: Based on Final EPFR data for end-June, Asian funds are most OW Exhibit 2: EM funds remain most OW Brazil and Mexico, and are most UW China, Hong Kong, Singapore, and most UW Taiwan and India. In June, Asian Taiwan and Korea. Over past 3-months, EM funds have increased exposure to funds raised exposure in China and India the most China by 205bps, while trimming Korea by -140bps AEJ funds (US$100 bn - Active Fund Only) EM funds (US$220 bn - Active Fund Only) OW/UW allocation OW/UW allocation Market Market 1-mth chg 3-mth chg Market Market 1-mth chg 3-mth chg (in bp) (in bp) China 300 China 70 180 Brazil 265 China 25 205 Hong Kong 160 India 40 95 Mexico 75 Thailand 15 5 Singapore 155 Indonesia 30 (10) Hungary 35 South Africa 10 15 Indonesia 85 Thailand 10 (35) Peru 25 Mexico 10 (5) Thailand 50 Hong Kong 5 (65) Turkey 20 Malaysia 5 15 Philippines 15 Philippines 5 (10) Malaysia -50 United Arab E (5) 15 Malaysia -50 Malaysia 0 25 Saudi Arabia -130 Turkey (5) (15) Korea -210 Singapore (10) (80) India -205 Saudi Arabia (5) 30 India -275 Taiwan (115) 65 Korea -215 Korea (20) (140) Taiwan -435 Korea (135) (130) Taiwan -370 Taiwan (45) (30) Note: The allocation of AEJ mandate only includes…