Global Navigator: Rotating from new to old in mid-February

Funds dedicated to the old world and conventional asset classes enjoyed a rare moment in the sun during the second week of February, which ended with the new US administration promising reciprocal tariffs on trading partners and a higher-than-expected February inflation number for the world’s largest economy.?

The latest week saw Europe Equity Funds post their biggest inflow since the fourth week of 2023 and Inflation Protected Bond Funds post their biggest inflow since late 1Q22 while flows into Physical Gold and Silver Funds hit seven and 16-week highs, respectively. Meanwhile, US Equity Funds chalked up their first outflow of 2025, investors pulled over $4 billion out of Technology Sector Funds and Cryptocurrency Funds saw a three-week inflow streak come to an end.?

Among the Cryptocurrency Fund sub-groups, EPFR data shows that, over the past six months, the assets managed by Bitcoin Funds have more than doubled while those held by Ethereum Funds have more than tripled.?

Other trends captured by EPFR-tracked fund flows during the week ending Feb. 12 reveal:?

• Equity Funds posted a collective outflow of $655 million.
• Emerging Markets Equity Funds headline number record a 13-week low.?
• Over $5 billion flowed out of China Equity Funds.?
• Argentina Equity Funds posted their first outflow since the third week of October.?
• Frontier Markets Equity Funds recorded their biggest inflow in over 11 months.?
• Biggest collective inflow since early 1Q23 for Europe Equity Funds.?
• Finland Equity Funds posted their biggest outflow in nearly four months.?
• Flows to Japan Equity Funds switched direction for the third week running.?
• Only three Sector Fund groups – Telecoms, Financials and Infrastructure Sector Funds – posted inflows.?
• Physical Gold Funds reported their longest run of inflows since 3Q24.?
• Technology Sector Funds suffered their heaviest outflow in nearly a year.??
• Money Market Funds took in $9 billion.?
• Redemptions from Turkey Money Market Funds exceeded $1 billion for only the second time since EPFR started tracking them weekly.?
• $13.7 billion flowed into Bond Funds.??
• UK Bond Funds redemptions hit a 26-week high.?

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