Global equity funds recorded their ninth consecutive week of inflows, with investors adding $4.43 billion in the week to Nov. 19, as strong Q3 earnings helped offset concerns over stretched tech valuations.
UBS CIO Mark Haefele noted a “robust” earnings season led by tech but supported broadly across sectors. LSEG data shows profits from 4,448 large- and mid-cap firms rose 15.66% YoY, far above analyst expectations of 8.23% — keeping UBS’s rating for global equities at “Attractive.”
Still, the MSCI World Index slid to a 2.5-month low, reflecting uncertainty over U.S. rate policy and elevated valuations in key growth sectors.
Where the Money Flowed
- U.S. equity funds: +$4.36B
- Asia equity funds: +$3.13B
- Europe equity funds: –$6.03B
Sector flows diverged sharply —
- Healthcare: +$2.46B (largest since 2022)
- Consumer discretionary: –$1.12B
- Tech: –$895M
Bonds & Commodities
Bond funds extended their winning streak to a 31st straight week, attracting $10.55B.
- Short-term bonds: +$4.76B
- Government bonds: +$3.41B
- Euro bonds: +$2.92B
Meanwhile, money market funds saw a second week of outflows (–$7.51B), while gold & precious metals funds logged their biggest inflow since October 22 at $5.2B.
Emerging Markets
- EM equity funds: +$2.05B (4th week of inflows)
- EM bond funds: –$1.04B
Investor sentiment remains cautiously optimistic — earnings strength supporting risk appetite even as macro uncertainties linger.