Weekly Fund Flows Japan Flows in Focus

Economics Research 24 July 2026 | 11:02AM EDT

Global fund flows, week ending July 22 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 July 22 (+$30bn vs +$56bn in the previous week). DM funds saw outflows across the board outside of Japan. US funds drove the net outflows. Within EM, Mainland China, Korea, and Taiwan funds drove the net inflows. At the sector level, technology funds continued to see the largest net inflows while industrial 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 and local currency bond funds saw net inflows. Money market fund assets decreased by -$34bn. At the country level, domestic flows into Japan bond funds have seen a recent increase (see Chart of the Week). These data capture primarily retail flows and while the recent increase seems to predate comments from Japan’s MoF officials which suggested that the administration is focused on encouraging greater domestic investment, we recently noted meaningful repatriation flows—if they occur— would be a source of support for the Yen. n Cross-border FX flows were largely positive, and USD and GBP saw the strongest net demand.

Global Fund Flows Summary Millions USD % AUM 4wk sum 22-Jul 4wk avg 22-Jul Equity 128,677 30, Fixed Income 95,626 15, of which: EM 3, Money Markets -58,933 -33, FX Flows* 71,945 17, *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

$bn Cumulative Flows into Japan Bond Funds $bn 3.0 3.0 Foreign Domestic 2.5 2.5

-2.0 -2.0 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26

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