The Kobeissi Letter: Global Funds Accelerate Inflow into US Stocks

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On July 3, The Kobeissi Letter reported that "foreign investors are pouring into the US stock market at a record pace. The cumulative inflow of global investment funds into US stocks has risen to about 2.5% of their total assets under management since the beginning of the year. Since May alone, this proportion has more than doubled. In contrast, the average outflow during the same period from 2002 to 2025 was 0.3%, and the current level is significantly above the historical average. If we exclude the top 10% of years with the highest inflows and the bottom 10% with the highest outflows from 2002 to 2025, the average inflow of global funds into US stocks during the same period is about 1.5% of total assets under management. The inflow of funds into US stocks this year has already surpassed the total inflow for the entire year in the middle 50% of years since 2002, indicating that current demand for US stocks is at an unprecedented level."
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