JPMorgan US Biotechnology: Weekly Fund Flow Update
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JPMorgan gauges biotech market interest through ETF flows, with data through Friday, August 14, 2026. IBB attracted US$714mn of net inflows in the latest week, taking 2026 inflows to US$1.99bn, after 1Q26 outflows of US$888mn reversed into inflows of US$1.33bn in 2Q26 and US$1.55bn so far in 3Q26. XBI drew US$1.08bn last week but is still down US$214mn for 3Q26 to date; YTD inflows total US$2.03bn. By YTD sector ETF inflows, biotech (XBI) ranks seventh and healthcare (XLV) fifth. Biotech outperformed last week: NBI +2.1%, IBB +2.7% and XBI +1.9% against SPX +0.98%. Year to date, NBI's +19.1% beats SPX (+13.7%), healthcare (+15.6%) and pharma (+8.0%), with XBI up 29.1% and IBB 17.5%. Large-cap biotech returned +48.8% YTD versus +16.3% for diversified biopharma; MRNA +114.7%, ALNY +42.5%, INSM +28.9% and INCY +21.7%, while SRPT fell 15.9%. Among diversified biopharma, MRK leads at +29.1%, ahead of BMY +18.3% and GILD +12.7%. Concentration differs sharply: IBB's top-10 holdings represent 45.98% of assets versus 14.58% for XBI. This weekly data note carries no ratings or targets.