Inflows into global equity funds rose during the week ending 1 July, as investors used a market pullback to build up their positions in technology stocks, amid bets that the sector's earnings growth will remain strong during the upcoming results season.
Data from LSEG Lipper showed that global equity funds recorded net inflows of $10.44 billion, an increase of 25% compared with the previous week.
This came despite the MSCI World equity index falling 2% last week, driven by concerns over the concentration of investments in a limited number of companies, as well as worries about the pace of capital expenditure by major cloud computing firms.
Technology sector funds recorded strong inflows of $8.9 billion, after posting net outflows of $17.83 billion the previous week.