Global Fund Managers Playing Catch-Up May Fuel S&P’s Next Leg Up

While US stocks have been going from one record to the next, global asset allocators haven’t quite kept up. And that may keep the market’s upward momentum intact as fund managers try to catch up.

Global investors poured $14 billion into US equity funds, on average, in each of the past 12 weeks, EPFR Global data analyzed by Jefferies show. That’s only about half of what was seen when inflows to US equity funds last peaked in December 2024. Adjusted for the share-price rally since then, the reading drops to about one-third.