Median Monthly Flow into Equity Mutual Funds and ETFs as a % of Total AUM Equity flows usually pick up in the new year amid the “January effect,” when investors return with renewed confidence and reposition their portfolios. Image: Goldman Sachs Global Investment Research
Percentage of U.S. Large-Cap Equity Mutual Funds Beating the S&P 500 In 2025, only a small minority of large‑cap active equity funds kept pace with the S&P 500. Managers who underweighted the “Magnificent Seven” were punished as the market’s leadership grew even more concentrated. Image: Bloomberg
Rolling 9-Week Flows into U.S. Equity ETFs and Mutual Funds Investors keep buying the dip, pouring nearly $100 billion into U.S. equity mutual funds and ETFs over the past nine weeks, convinced the bull market still has room to run. Image: Goldman Sachs Global Investment Research
U.S. ETF and Mutual Fund Flows In 2025, many investors have been favoring the relative safety of bonds and money market funds over riskier equities, amid geopolitical tensions, and persistently high interest rates. Image: Goldman Sachs Global Investment Research
Breakdown of Household Equity and Mutual Fund Ownership by Wealth Percentile Call it the American Dream—or a widening divide. The top 1% own roughly half of America’s market wealth. The bottom half? Just 1%. The gap isn’t closing—it’s widening since 1990. Image: Goldman Sachs Global Investment Research
Aggregate Financial Asset Allocation Among Households, Mutual Funds, Pension Funds, and Foreign Investors Investor allocation to equities has reached an all-time high, driven by retail enthusiasm and strong performance. However, rising valuations and concentrated leadership call for careful risk management. Image: Goldman Sachs Global Investment Research
% of Large-Cap Mutual Funds Outperforming their Benchmarks Active large-cap funds are having a good year in 2025, with half of them beating their benchmarks so far—much higher than the average of 37%. Still, history shows that it’s uncommon for this outperformance to last. Image: Goldman Sachs Global Investment Research
Hedge Fund and Mutual Fund Equity Exposure In a sign of optimism about the current economic climate, hedge funds and mutual funds have collectively increased their stakes in U.S. equities, which paints a picture of growing confidence in the U.S. stock market. Image: Goldman Sachs Global Investment Research
U.S. Domiciled Mutual Funds While U.S. money market holdings remain historically low, equity allocations are high, reflecting a significant shift in investor behavior towards riskier assets in pursuit of higher returns. Image: Goldman Sachs Global Investment Research
Mutual Fund and ETF In/(Out)Flows Since 2023, cash has emerged as the flow winner. Will it serve as the primary driving force behind the bull markets in the months ahead? Image: Goldman Sachs Global Investment Research
U.S. Equity Mutual Funds – Cash and Liquid Assets Cash holdings of mutual funds are going down. Image: Goldman Sachs Global Investment Research