6 May 2022 | 10:16AM EDT

Weekly Fund Flows

The Selling Accelerates

Global fund flows, week ending May 4 Zach Pandl

+1(212)902-5699 | zach.pandl@gs.com
Goldman Sachs & Co. LLC
n Flows into mutual funds and related investment products showed accelerated
net selling across both equity and fixed income markets, possibly contributing to Isabella Rosenberg
+1(212)357-7628 |
recent drawdowns (see Chart of the Week). A pullback in cross-border fund isabella.rosenberg@gs.com
Goldman Sachs & Co. LLC
flows has likely supported the US Dollar.
n Net flows into global equity funds remained negative in the week ending May 4,
and accelerated moderately from the prior week (-$3bn vs -$1bn the prior week).
Net outflows from both US- and Western Europe-dedicated products picked up,
and net inflows into China-focused products decelerated. In contrast, net
purchases of Japan-dedicated equity funds turned positive. By sector, the largest
net outflows (scaled by AUM) were from financials, while the largest net inflows
were into infrastructure and telecom.
n Flows into global fixed income funds were also net negative (-$10bn vs -$8bn
the prior week). Since the second week of January global bond funds have
experienced $125bn of net selling, and flows have been negative for 16 of the
last 17 weeks. Bond fund flows remain defensive, with sizable net inflows into
government-only products but net outflows from credit products (excluding bank
loans) and EM funds. Money market fund assets fell by $14bn during the week.
n Cross-border FX flows were also again negative (consistent with falling investor
risk appetite). Flows into the US Dollar were roughly flat, while they were net
negative for most other currencies, including EUR and CNY.

Global Fund Flows Summary

Millions USD % AUM
4wk sum 4-May 4wk avg 4-May
Equity -34,961 -3,409 -0.05 -0.02
Fixed Income -38,757 -9,600 -0.14 -0.14
of which: EM -8,549 -2,858 -0.39 -0.53
Money Markets -54,676 -14,021 -0.20 -0.21
FX Flows* -17,756 -4,700 -0.05 -0.05
*Cross-border fund flows, excluding hard currency and FX-hedged funds

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
www.gs.com/research/hedge.html.
Goldman Sachs Weekly Fund Flows

Chart of the Week

$bn Net Flows into All Equity and Bond Funds (3wma) $bn
60 60
Bond
50 50
Equity

40 Total 40

30 30

20 20

10 10

0 0

-10 -10

-20 -20

-30 -30
Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22

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

6 May 2022 2
Goldman Sachs Weekly Fund Flows

Fixed Income & Equity Flows

Global Fund Flows
Millions USD % AUM Z-score of
4wk sum 4-May 27-Apr 20-Apr 13-Apr 4wk avg 4-May 4wk sum
Total Equity -34,961 -3,409 -1,218 -17,478 -12,856 -0.05 -0.02 -1.39
Global Benchmarks1 6,182 1,417 -1,004 1,683 4,086 0.04 0.04 -0.61
Including US 8,493 1,859 2,615 3,073 946 0.08 0.07 -0.39
Excluding US -2,311 -442 -3,619 -1,390 3,140 -0.05 -0.04 -0.96
Developed Markets2 -48,985 -5,040 -4,048 -21,705 -18,193 -0.11 -0.05 -2.27
US -36,877 -2,071 -324 -18,985 -15,497 -0.10 -0.02 -2.04
Western Europe -13,913 -4,097 -3,432 -2,901 -3,483 -0.24 -0.29 -1.75
UK-dedicated -2,714 -1,490 -729 -384 -111 -0.23 -0.51 -1.54
Other -11,200 -2,607 -2,703 -2,517 -3,373 -0.24 -0.23 -1.40
Japan 1,084 1,004 -276 159 196 0.04 0.15 -0.21
Other 721 124 -16 21 591 0.07 0.05 -0.01
Emerging Markets3 7,842 214 3,834 2,544 1,251 0.13 0.01 0.39
Global EM Benchmarks -2,673 -236 -807 -938 -693 -0.09 -0.03 -0.66
Mainland China 9,934 803 4,535 3,149 1,447 0.91 0.29 1.54
Taiwan 1,663 179 505 451 528 1.45 0.62 1.77
Korea -373 -135 -322 120 -36 -0.26 -0.37 -0.17
India -133 -2 -47 -26 -58 -0.09 -0.01 0.60
Brazil 149 -140 197 -110 203 0.24 -0.97 0.26
Other -726 -255 -227 -103 -141 -0.06 -0.08 -0.37
Equity Sector Flows
Commodities/Materials 3,011 -117 -154 2,270 1,012 0.43 -0.07 0.88
Consumer Goods 3,142 823 458 1,107 754 0.37 0.40 0.89
Energy 1,824 -221 -1,094 1,255 1,884 0.14 -0.07 0.01
Financials -11,473 -2,837 -2,495 -3,367 -2,774 -0.80 -0.82 -1.99
Health Care 3,123 104 1,278 1,187 554 0.21 0.03 0.19
Industrials -800 -171 -160 315 -784 -0.25 -0.22 -0.50
Infrastructure 1,624 461 478 297 388 0.56 0.63 1.42
Real Estate -924 -2,955 -427 1,728 729 -0.04 -0.47 -0.67
Technology 3,159 -1,574 -155 1,229 3,660 0.11 -0.22 -0.33
Telecom -1,081 217 72 -169 -1,201 -0.66 0.60 -1.49
Utilities 3,901 661 1,307 878 1,055 0.71 0.49 2.52
High Beta4 -3,865 -1,662 -1,089 235 -1,349 -0.25 -0.43 -1.11
Low Beta4 3,303 -1,421 1,166 2,066 1,492 0.11 -0.21 0.41
Total Fixed Income -38,757 -9,600 -7,548 -8,852 -12,758 -0.14 -0.14 -1.21
Developed Markets5 -29,033 -6,259 -2,739 -7,595 -12,441 -0.11 -0.10 -1.26
Government 13,170 5,953 3,925 1,137 2,155 0.49 0.88 1.48
Mortgage-backed -1,879 -596 525 -792 -1,016 -0.21 -0.28 -0.92
Municipal -9,931 -1,995 -1,662 -3,045 -3,229 -0.42 -0.34 -2.35
Agg-type -12,364 -3,868 -3,838 -2,159 -2,498 -0.14 -0.17 -1.31
IG Credit -2,609 -2,832 -223 190 256 -0.10 -0.45 -0.72
High yield -6,801 -119 -1,265 -2,008 -3,408 -0.30 -0.02 -0.78
Bank loan 3,027 881 659 704 783 0.58 0.68 0.93
Long-duration6 6,091 475 793 1,246 3,578 0.45 0.14 0.94
Short-duration6 1,883 2,963 453 50 -1,583 0.03 0.20 -0.18
Inflation-protected -4,499 -3,160 -603 172 -908 -0.51 -1.43 -1.99
Emerging Markets -8,549 -2,858 -3,970 -1,076 -646 -0.39 -0.53 -1.06
Hard -3,470 -885 -1,553 -616 -415 -0.32 -0.34 -0.99
Blend -1,029 -458 -402 -107 -63 -0.44 -0.80 -1.37
Local -4,051 -1,515 -2,015 -353 -168 -0.46 -0.70 -0.91
Money Markets -54,676 -14,021 59,954 -55,447 -45,162 -0.20 -0.21 -0.73
1. Primarily MSCI World and MSCI ACWI benchmarks. 2. Sum of DM country- and region-dedicated funds; excludes global DM benchmark funds (e.g. MSCI
World funds). 3. Sum of Global EM benchmark funds and EM country- and region-dedicated funds. 4. High beta funds include commodity, financial, & industrial
sector funds. Low beta funds include consumer goods, real estate, & utility sector funds. 5. Benchmarks may include some investment grade EM bonds;
categories below include DM & EM funds. 6. Long-duration includes long-term Agg-type, long-term corporate, and long-term government bond funds. Short-
duration includes short-term Agg-type, short-term corporate, and short-term government bond funds.

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

6 May 2022 3
Goldman Sachs Weekly Fund Flows

FX Flows
FX Flows1
Millions USD % AUM Z-score of
4wk sum 4-May 27-Apr 20-Apr 13-Apr 4wk avg 4-May 4wk sum
Total -17,756 -4,700 -12,071 -3,663 2,677 -0.05 -0.05 -1.00
G10 -1,193 -1,576 -5,477 69 5,791 -0.01 -0.03 -0.84
USD 7,962 373 516 2,225 4,848 0.06 0.01 -0.38
EUR -4,180 -990 -1,706 -945 -539 -0.13 -0.13 -1.68
GBP -1,911 -419 -1,541 -370 420 -0.07 -0.07 -1.20
AUD -188 18 -398 -47 240 -0.03 0.01 -0.87
NZD -29 -4 -21 -4 -1 -0.08 -0.04 -1.21
CAD -21 20 -235 -51 245 0.00 0.01 -0.78
CHF -951 -246 -486 -213 -6 -0.08 -0.08 -1.32
NOK -207 -36 -101 -45 -25 -0.09 -0.06 -1.44
SEK -615 -174 -266 -124 -52 -0.12 -0.13 -1.54
JPY -1,053 -119 -1,239 -356 661 -0.05 -0.02 -0.71
Asia -7,701 -800 -4,129 -2,008 -763 -0.13 -0.06 -1.10
CNY -5,234 -429 -3,115 -1,183 -506 -0.21 -0.07 -1.42
HKD -73 -7 -73 -52 59 -0.02 -0.01 -0.51
INR -609 -44 -264 -180 -121 -0.08 -0.02 -0.35
KRW -743 -108 -279 -275 -80 -0.11 -0.07 -0.93
MYR -90 -56 -9 -19 -6 -0.09 -0.21 -0.30
SGD -90 -11 -87 -24 32 -0.04 -0.02 -0.81
TWD -417 -19 -158 -178 -62 -0.05 -0.01 -0.77
THB -113 -29 -33 -28 -22 -0.08 -0.09 -0.44
IDR -234 -67 -82 -54 -31 -0.10 -0.12 -0.40
PHP -98 -30 -30 -15 -24 -0.16 -0.21 -0.62
Americas -311 -177 -166 -58 90 -0.03 -0.08 -0.21
ARS -17 -7 -12 -5 7 -0.03 -0.05 -0.41
BRL -46 -47 -86 -10 97 -0.01 -0.04 -0.04
MXN -108 -52 -58 -13 14 -0.04 -0.08 -0.32
CLP -79 -33 -12 -5 -29 -0.11 -0.18 -0.69
PEN -58 -19 -14 -23 -1 -0.15 -0.19 -0.37
COP -3 -19 16 -2 3 -0.01 -0.13 -0.02
EMEA -352 -205 -80 -102 35 -0.05 -0.13 -0.25
CZK -31 -24 3 -3 -7 -0.07 -0.23 -0.48
HUF -17 -14 4 -5 -2 -0.05 -0.18 -0.15
PLN -63 -27 -22 -8 -6 -0.08 -0.13 -0.44
RON -18 -12 5 -6 -5 -0.06 -0.16 -0.28
RUB -26 -2 -7 -10 -6 -0.07 -0.05 0.11
TRY -50 -15 -8 -23 -3 -0.10 -0.12 -0.27
ILS -20 -11 -24 -1 16 -0.02 -0.04 -0.82
ZAR -128 -99 -30 -45 46 -0.05 -0.16 -0.43
Frontier 399 -21 39 217 163 0.29 -0.06 0.69
UAH -1 -2 1 -1 0 -0.02 -0.14 0.07
EGP -3 -6 5 -3 0 -0.01 -0.11 0.01
NGN -8 -3 0 -3 -2 -0.05 -0.09 -0.16
KWD -3 -1 -1 -1 0 -0.04 -0.05 -0.15
SAR 414 -8 33 225 165 0.52 -0.04 0.77
Note: AUM is calculated at the country level.
1. FX flows are measured as cross-border equity and fixed income fund flows (based on the domicile of underlying funds), excluding hard
currency EM-bond funds and FX-hedged products.

Source: EPFR, Goldman Sachs Global Investment Research

6 May 2022 4
Goldman Sachs Weekly Fund Flows

Global Fund Flow Trends

$bn $bn $bn $bn

Global Flows to Equities Global Flows to Fixed Income
50 50 40 40
4-week moving avg. 4-week moving avg.
40 1-year moving avg. 40 1-year moving avg.
20 20

30 30
0 0

20 20
-20 -20
10 10

-40 -40
0 0

-60 -60
-10 -10

-20 -20 -80 -80

2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

$bn $bn $bn $bn

Global Flows to EM Equities Flows to US Inflation-Protected Bonds
10 10 2.0 2.0

4-week moving avg.

8 8 1.5 1.5
1-year moving avg.

6 6 1.0 1.0

4 4 0.5 0.5

2 2 0.0 0.0

0 0 -0.5 -0.5
4-week moving avg.
-2 -2 -1.0 1-year moving avg. -1.0

-4 -4 -1.5 -1.5

-6 -6 -2.0 -2.0
2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

$bn $bn $bn $bn

FX Flows to the Euro area FX Flows to China
3 3 6 6
4-week moving avg. 4-week moving avg.
5 5
2 1-year moving avg. 2 1-year moving avg.
4 4

1 1 3 3

2 2
0 0
1 1

-1 -1 0 0

-1 -1
-2 -2
-2 -2

-3 -3 -3 -3
2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

Source: EPFR, Goldman Sachs Global Investment Research

6 May 2022 5
Goldman Sachs Weekly Fund Flows

Fund Positioning: Global

% Equity Share of Total Assets % % Money Market Fund Assets as Share of Global %
74 74 35 Mutual Fund Assets 35
(Defined as Sum of Equity, Bond, and Money Fund Assets)
73 73

30 30
72 72

71 71
25 25
70 70

69 69
20 20
68 68

67 67
15 15

66 66

65 65 10 10
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% US Share of Total Assets % % EM Share of Total Assets %

68 68 14 14

67 67
13 13

66 66

12 12
65 65

64 64
11 11

63 63

10 10
62 62

61 61 9 9
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% China Share of Total Assets % % EM ex. China Share of Total Assets %

3.5 3.5 12 12

3.3 3.3
11 11
3.1 3.1

2.9 2.9
10 10
2.7 2.7

2.5 2.5 9 9

2.3 2.3
8 8
2.1 2.1

1.9 1.9
7 7
1.7 1.7

1.5 1.5 6 6
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

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

6 May 2022 6
Goldman Sachs Weekly Fund Flows

Fund Positioning: G10 Economies

% Euro area Share of Total Assets % % UK Share of Total Assets %

11.0 11.0 6.0 6.0

10.5 10.5 5.5 5.5

10.0 10.0 5.0 5.0

9.5 9.5 4.5 4.5

9.0 9.0 4.0 4.0

8.5 8.5 3.5 3.5

8.0 8.0 3.0 3.0

10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% Japan Share of Total Assets % % Switzerland Share of Total Assets %

5.0 5.0 2.3 2.3

2.2 2.2
4.5 4.5

2.1 2.1

4.0 4.0
2.0 2.0

1.9 1.9
3.5 3.5

1.8 1.8

3.0 3.0
1.7 1.7

2.5 2.5 1.6 1.6

10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% Canada Share of Total Assets % % Australia Share of Total Assets %

3.5 3.5 1.4 1.4

1.3 1.3

3.0 3.0
1.2 1.2

1.1 1.1
2.5 2.5
1.0 1.0

0.9 0.9
2.0 2.0

0.8 0.8

1.5 1.5 0.7 0.7

10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

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

6 May 2022 7
Goldman Sachs Weekly Fund Flows

Fund Positioning: Fixed Income Markets

% Long Duration Share of Bond Assets % % Inflation-protected Share of Bond Assets %

5.0 5.0 4.5 4.5

4.5 4.5 4.0 4.0

4.0 4.0 3.5 3.5

3.5 3.5 3.0 3.0

3.0 3.0 2.5 2.5

10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% IG Credit and Agg-Type Share of Bond Assets % % Government-only Share of Bond Assets %
54 54 14 14

52 52 13 13

12 12
50 50

11 11
48 48
10 10
46 46
9 9

44 44
8 8

42 42 7 7

40 40 6 6
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% High Yield Bond and Leveraged Loan % % Leveraged Loan Share of High Yield Bond %
18 Share of Bond Assets 18 30 and Leveraged Loan Assets 30

16 16
25 25

14 14
20 20

12 12

15 15
10 10

10 10
8 8

6 6 5 5
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

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

6 May 2022 8
Goldman Sachs Weekly Fund Flows

Fund Positioning: Equity Markets

% Financials Share of Equity Sector Fund Assets % % Industrials Share of Equity Sector Fund Assets %
14 14 3.0 3.0

12 12
2.5 2.5

10 10
2.0 2.0

8 8

1.5 1.5
6 6

1.0 1.0
4 4

2 2 0.5 0.5
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% Tech Share of Equity Sector Fund Assets % % Telecom Share of Equity Sector Fund Assets %
29 29 1.8 1.8

1.6 1.6
24 24

1.4 1.4

19 19
1.2 1.2

1.0 1.0
14 14

0.8 0.8

9 9
0.6 0.6

4 4 0.4 0.4
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

% Non-Energy Commodities (incl. Precious Metals) % % Energy Share of Equity Sector Fund Assets %
25 Share of Equity Sector Fund Assets 25 18 18

16 16
20 20
14 14

12 12
15 15

10 10

10 10
8 8

6 6
5 5
4 4

0 0 2 2
10 11 12 13 14 15 16 17 18 19 20 21 22 10 11 12 13 14 15 16 17 18 19 20 21 22

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

6 May 2022 9