Foreign investors are piling into US equities at a record pace:
Cumulative year-to-date inflows from global investment funds into US equities are up to ~2.5% of their total assets under management.
This percentage has more than DOUBLED since May alone.
This is also significantly above the 2002-2025 average of -0.3% in outflows for this point in the year.
By comparison, excluding the top 10% with the largest inflows and the bottom 10% with the largest outflows of the 2002-2025 period, global fund inflows averaged just ~1.5% by this point in the year.
The YTD pace has already exceeded the full-year total recorded in the middle 50% of years since 2002.
Current demand for US equities is unprecedented.

全球的基金管理资产的2.5%流入了美股市场，远超过历史平均值的0.3%