Weekly Fund Flows Re Acceleration of US Inflows

Economics Research 31 July 2026 | 2:15PM EDT

Global fund flows, week ending July 29 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 29 (+$64bn vs +$30bn in the previous week). Within DM, US funds drove the net inflows while Europe saw net outflows. Within EM, Mainland China and Taiwan funds drove the net inflows. At the sector level, technology funds continued to see the largest net inflows while energy 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 outflows. Money market fund assets increased by +$5bn. n Cross-border FX flows were largely positive, and USD, KRW, and GBP saw the strongest net demand. Total cross border flows into the US have seen a re-acceleration after stalling through the first half of 2025 (see Chart of the Week). We have been arguing that since the start of the year the AI boom has contributed to raising the relative profile of US assets, quieting investor calls to diversify away from US assets, which was an amplifying force behind the Dollar’s depreciation a year ago. That said a serious questioning of AI investment returns remains one of the more significant risks to our expectation for modest Dollar strengthening.

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

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Goldman Sachs Weekly Fund Flows

$bn Cumulative Cross-border Fund Flows: 2022-Present $bn

900 900 USA 800 800 Euro area 700 700 China 600 600

-100 -100 Jan-22 Aug-22 Mar-23 Oct-23 May-24 Dec-24 Jul-25 Feb-26

Source: EPFR, Goldman Sachs Global Investment Research