Global equity markets have experienced substantial inflows over recent weeks, with systematic investors purchasing more than $365 billion of global equities in the past 75 trading days, according to Goldman Sachs. Despite this, Goldman Sachs Morgan Stanley notes that Commodity Trading Advisors (CTAs) are expected to be net sellers of global equities, particularly in Europe, over the coming week. Bank of America reported broad-based buying across client groups and sectors last week, with clients net purchasing $1.7 billion of US equities despite a 2.4% decline in the S&P 500. Both cyclical and defensive sectors saw inflows, with cyclicals experiencing their largest weekly inflows since January 2019, marking the seventh largest since 2008. Institutional clients were the primary drivers of these equity inflows. Exchange-traded funds (ETFs) are also attracting strong investor interest, with inflows on track for a record year. Large-cap US stocks saw $14 billion in inflows last week, positioning annual inflows at approximately $419 billion, the second-highest on record. Small-cap stocks attracted $4.5 billion in net inflows last week, and although small caps have historically outperformed large caps over long cycles, the market is currently about 15 years into a large-cap cycle, one of the longest ever. Goldman Sachs estimates that CTAs hold $159 billion in global equities, placing them at the 100th percentile, and $50 billion in US equities, at the 92nd percentile.