Last week’s (Wed-Wed) review of funds’ in/outflows as % of funds’ AuM.    ***The Institutional Investor survey has kicked off and it is very important to us.    If you find our flow research useful please consider voting. If you are a registeredvoter, you will have received an email with a personalized link already. If you havenot received this, you can request it by clicking .We are competing in the category All-Europe Equity ResearchTeam / Economics & Strategy / Equity Strategy.***After several weeks of summer quiet, fund investors showed increased signs ofconviction last week as our 'money at work' indicator rose to its highest level intwo months (see Fig. 4). While a weaker dollar continued to help make US assetsmore attractive overseas, investors also seemed to have cheered the risk-positivenewsflow out of Washington with the UN security council's unanimous decisionto impose new sanctions on North Korea and the rise in expectations of a longpromised US tax cut. As a result, last week's inflows were largely driven by therenewed interest in developed market funds, with both equity (seven-week highinflows) and bond funds (five-week high inflows) picking up from their summerlows. Most notably, US equity funds saw three-month high inflows, snapping outof their recent outflow trend which noted 11 weeks of outflows over the past 12.    On the other side of the Atlantic, the stronger Euro and the fade in Euro area macromomentum continued to drag on European equity funds. And with Euro areamacro surprises continuing to roll over relative to those in the US, flow momentuminto US-domiciled equity funds has now moved back to US shores and away fromEurope (see Fig. 1). However, the sharp drop in the market-implied probability ofthe Fed hiking this week meant that bond funds sustained their inflow trend, asUS sovereign bond funds witnessed highest weekly inflows since January 2016.    The continuously weak dollar on the back of this reflected well in EM bond andequity funds, which saw inflows for yet another week. And EM inflows over thepast three months could have been even stronger, given the fall in the dollar overthe same period (see Fig. 2).

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