Global ex-U.S. equity funds received their biggest inflows in more than four-and-a-half years in July, as investors redirected capital away from the United States on concerns over the economy, stretched stock values, and a weakening dollar.

These funds began seeing inflows earlier this year as President Donald Trump’s economic policies hurt the appeal of U.S. markets.

But the steep gains in July suggest a sustained shift towards diversification, particularly into Europe and emerging markets benefitting from easier monetary conditions and improved growth prospects.

According to LSEG Lipper, global ex-U.S. equity funds secured an inflow of $13.6 billion in July, the highest since December 2021. In contrast, U.S.-focused equity funds saw $6.3 billion in outflows, marking their third straig

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