Goldman Sachs: Weekly Flow Show — Risk Sentiment Slips
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Global fund flows for the week ending March 25, 2026, revealed a broad softening in risk sentiment. Global equity funds swung to a net outflow of $29 billion, down sharply from a $62 billion inflow the prior week. Developed market funds led the decline, with US and Western European funds turning negative, while Japanese equity funds maintained positive inflows. Within emerging markets, mainland China and Taiwan recorded inflows, whereas broader EM benchmark funds and South Korea experienced outflows.
By sector, commodity and technology funds saw the largest redemptions, while financial funds attracted the most capital. Fixed income inflows decelerated globally. Investment-grade and high-yield bond funds both posted outflows, and government bond fund inflows slowed. Conversely, demand for short-term bond funds rebounded, suggesting investors are shortening portfolio duration. Inflation-protected bond funds saw a modest rise in demand, while emerging market debt funds experienced outflows across both hard and local currencies.
Money market fund assets contracted by $35 billion. Cross-border currency flows turned negative across all regions, with the Chinese renminbi standing as the sole currency to register net inflows. The report did not specify future catalysts or verification windows.