Weekly Fund Flows Brazil Outflows into the Election Window

Economics Research 21 August 2026 | 1:58PM EDT

Brazil Outflows into the Election Window

Global fund flows, week ending August 19 Lexi Kanter | n Flows into mutual funds and related investment products were positive across Goldman Sachs & Co. LLC both equities and fixed income. n Net flows into global equity funds remained positive in the week ending August 19 (+$40bn vs +$16bn in the previous week). Within DM, US funds drove the net inflows. EM funds saw net outflows, though Global EM benchmark funds saw continued net inflows. Brazil equity funds have seen recent outflows alongside MSCI Brazil and BRL underperformance into the election window (See Chart of the Week). At the sector level, technology funds saw the largest net inflows while financial funds saw the largest net outflows.

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. In EM, hard-currency bond funds and local-currency bond funds saw net inflows. Money market fund assets increased by +$22bn. n Cross-border FX flows were largely positive, and USD and EUR saw the strongest net demand.

Global Fund Flows Summary Millions USD % AUM 4wk sum 19-Aug 4wk avg 19-Aug Equity 152,765 40, Fixed Income 81,381 22, of which: EM 4,532 3, Money Markets 82,893 -1, FX Flows* 97,834 22, *Cross-border fund flows, excluding hard currency and FX-hedged funds

Source: EPFR, Haver Analytics, Goldman Sachs Global Investment Research

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Goldman Sachs Weekly Fund Flows

$mn Brazil Fund Flows (4-week moving avg) $mn Brazil Equity Funds Brazil Bond Funds Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 Sep-26

Source: EPFR, Goldman Sachs Global Investment Research