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高盛：每周资金流向：流向美国国债的资金持续为正
高盛·2025-04-29 02:39

Investment Rating - The report indicates a positive investment sentiment towards US Treasuries, with strong inflows observed in this segment [2][4]. Core Insights - Global fund flows showed a net inflow into equities of 9billionfortheweekendingApril23,anincreasefrom9 billion for the week ending April 23, an increase from 8 billion the previous week, driven by reduced outflows from US equity funds [4]. - In fixed income, net outflows were significantly reduced to 0.8billionfrom0.8 billion from 21 billion in the prior week, with government bond funds continuing to attract inflows [4]. - Emerging markets saw positive flows into mainland China funds, while Taiwan maintained strong net inflows [4]. - Cross-border FX flows turned positive, indicating an improved risk appetite among investors, favoring currencies such as USD, EUR, GBP, and CNY [4]. Summary by Category Equity Flows - Total equity inflows amounted to 68,079millionoverfourweeks,withaweeklyinflowof68,079 million over four weeks, with a weekly inflow of 9,164 million [10]. - Developed markets saw inflows of 34,063million,whileemergingmarketsrecordedinflowsof34,063 million, while emerging markets recorded inflows of 27,140 million, with mainland China leading at 24,686million[10].−Sector−wise,technologyfundsexperiencedthelargestinflowsof24,686 million [10]. - Sector-wise, technology funds experienced the largest inflows of 14,845 million, while financials and healthcare saw significant outflows [10]. Fixed Income Flows - Total fixed income experienced outflows of 32,369million,withgovernmentbondsattractinginflowsof32,369 million, with government bonds attracting inflows of 29,366 million [10]. - High yield bonds faced substantial outflows of 23,488million,whileshort−durationbondssawinflowsof23,488 million, while short-duration bonds saw inflows of 29,804 million [10]. FX Flows - Total FX flows recorded a net outflow of 4,751million,withG10currenciesshowingmixedresults[12].−TheUSDfacedoutflowsof4,751 million, with G10 currencies showing mixed results [12]. - The USD faced outflows of 3,440 million, while the EUR and GBP saw inflows of 2,880millionand2,880 million and 799 million respectively [12]. Fund Positioning - The report highlights a shift in fund positioning, with an increasing share of equity assets in total assets, indicating a growing preference for equities over fixed income [20][27]. - The share of money market fund assets as a percentage of global mutual fund assets has also seen fluctuations, reflecting changing investor sentiment [20].