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Riding the US consumption rocket

Coming into 2021 investors were looking to Asia to lead the global rebound. Between December 2020 and the end of January 2021, investors pulled $55 billion from EPFR-tracked European and North American Equity Fund groups while steering over $18 billion into Asia Pacific and Asia ex-Japan Equity Funds. Since the beginning of the second quarter, however, over $36 billion has flowed into North American and Europe Equity Funds compared to just $2 billion for all Asian groups.

A key driver of this shift is the American consumer. With an improving employment picture garnished by a series of federal stimulus checks, retail sales in the US during April were up over 20% year-on-year. Investor cash is following the trend. US Equity Funds posted their 12th inflow in the past 13 weeks and flows into Consumer Goods Sector Funds hit a seven week high as that group extended its longest inflow streak since EPFR started tracking them in 4Q00. Furthermore, retail redemptions from US Money Market Funds are gathering momentum, suggesting more fuel on the consumption fires as summer approaches.




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