Total Net Assets (TNA) of Funds in Asian Markets by Domicile
Total net assets (TNA) of Asian-domiciled funds reached US$10.21 trillion in 26Q2, representing a robust 16.4% QoQ increase and 20.3% YoY growth, adding approximately US$1.44 trillion sequentially and US$1.72 trillion over the year. The strong recovery from the weaker 26Q1 level of US$8.77 trillion reflects a broad-based rebound across most major Asian fund markets, with China, Japan, and Taiwan accounting for the majority of asset growth during the quarter.
China remained the dominant market with TNA rising to US$5.71 trillion, increasing by US$870.7 billion QoQ (+18.0%) and US$1.01 trillion YoY (+21.4%). China alone contributed approximately 60% of the region’s total quarterly asset increase, highlighting its outsized influence on overall Asian fund industry developments. The substantial sequential gain suggests a combination of favorable market performance, strong fund net inflows, and improving investor sentiment following the decline recorded in 26Q1.
Japan retained its position as the second-largest market, with assets reaching US$1.94 trillion. The market added US$269.8 billion QoQ (+16.2%) and US$428.8 billion YoY (+28.4%), representing one of the largest absolute asset increases across the region. Japan’s annual growth rate significantly exceeded the regional average, indicating continued momentum in domestic and international investor participation and sustained market appreciation over the past year.
Taiwan recorded the strongest expansion among the major fund markets. TNA surged to US$499.7 billion, rising by US$125.6 billion QoQ (+33.6%) and US$166.7 billion YoY (+50.1%). The market delivered the highest YoY growth rate in Asia and the second-largest proportional quarterly expansion, demonstrating exceptionally strong asset accumulation and market performance. Taiwan’s annual increase of more than 50% significantly outpaced all other key regional markets.
Korea also posted strong growth, with assets climbing to US$519.2 billion. The market gained US$94.5 billion QoQ (+22.3%) and US$52.1 billion YoY (+11.2%). The sharp quarterly rebound follows the weakness observed in 26Q1 and pushed TNA to a new high level, indicating strong recovery in fund valuations and investor activity.
India’s TNA reached US$890.1 billion, increasing by US$94.8 billion QoQ (+11.9%), although annual growth was relatively muted at 0.9% YoY, equivalent to only US$8.3 billion. While the quarterly recovery was encouraging, India’s fund industry has largely returned to levels seen a year earlier, suggesting that market volatility and asset valuation fluctuations have constrained longer-term expansion.
Hong Kong continued its steady growth trajectory, with assets rising to US$256.5 billion. The market recorded a modest US$9.9 billion QoQ increase (+4.0%) but achieved a stronger US$34.7 billion YoY gain (+15.7%), reflecting consistent asset accumulation and improving market conditions over the past year.
Among Southeast Asian markets, Malaysia delivered notable growth, with TNA increasing to US$108.2 billion, up US$12.8 billion QoQ (+13.4%) and US$19.6 billion YoY (+22.2%). The market’s annual growth exceeded the regional average, underscoring continued expansion in the country’s fund industry.
Thailand showed stable performance, with assets reaching US$153.1 billion, gaining US$5.1 billion QoQ (+3.5%) and US$2.8 billion YoY (+1.9%). Growth remained positive but comparatively moderate relative to larger regional markets.
Singapore was the most notable negative contributor among major markets. TNA declined from an elevated US$125.3 billion in 26Q1 to US$87.7 billion in 26Q2, a reduction of US$37.7 billion QoQ (-30.1%), representing the largest percentage decline among all markets. Despite the sharp quarterly correction, YoY performance remained broadly stable at -0.6%, indicating that the decline was primarily driven by the exceptionally strong base in the preceding quarter.
Indonesia experienced another area of weakness, with TNA falling to US$32.1 billion, down US$3.9 billion QoQ (-10.8%). Nevertheless, assets remained 20.2% above the year-ago level, equivalent to an increase of US$5.4 billion, suggesting that longer-term growth momentum remains intact despite recent volatility.
The Philippines continued to contract, with assets edging down to US$19.3 billion, falling 0.4% QoQ and 11.4% YoY. This translated into an annual decline of approximately US$2.5 billion, making it one of the weaker performers in the region.
Vietnam remained the smallest market in the region, with TNA declining to US$3.0 billion, down 2.5% QoQ and 2.4% YoY. Although the absolute changes were modest, the figures indicate continued challenges in achieving sustained asset growth.
Total Net Asset Value (TNA) of Funds in Asian Markets by Asset
Total net assets reached US$10.21 trillion in 26Q2, with growth broadly driven by Equity, Money Market, Bond, and Mixed Assets funds, while Alternatives also emerged as a significant contributor from a smaller asset base. Equity funds remained the largest asset class at US$3.84 trillion, accounting for nearly 38% of total industry assets, followed by Money Market funds at US$2.93 trillion and Bond funds at US$2.17 trillion.
Equity funds recorded the strongest absolute asset growth during the quarter, with TNA rising by US$598.4 billion from US$3.25 trillion in 26Q1 to US$3.84 trillion in 26Q2, representing an 18.4% QoQ increase. On a yearly basis, assets expanded by US$917.2 billion, or 31.3%, highlighting sustained investor demand and likely positive market valuation effects.
Money Market funds posted the second-largest increase in dollar terms, gaining US$383.5 billion QoQ to reach US$2.93 trillion. The 15.0% quarterly growth reversed the decline seen in 26Q1 and pushed assets to their highest level in a year. Year-on-year, assets increased by US$307.6 billion, or 11.7%, indicating continued investor preference for liquidity and capital preservation despite stronger risk appetite elsewhere.
Bond funds experienced a notable recovery in 26Q2, with assets rising by US$279.1 billion QoQ to US$2.17 trillion, translating into 14.7% growth. This represents the largest quarterly increase for the asset class during the reported period and lifted year-on-year growth to 13.1%, equivalent to an increase of US$251.1 billion.
Mixed Assets funds delivered robust expansion, with TNA climbing by US$195.5 billion QoQ from US$780.8 billion to US$976.3 billion, representing a substantial 25.0% increase. Year-on-year growth reached 40.9%, adding US$283.3 billion in assets and making Mixed Assets one of the fastest-growing traditional fund categories.
Alternatives funds registered the strongest percentage increase among the major asset categories. Assets surged by US$41.7 billion QoQ to US$134.4 billion, representing growth of 44.9%. Compared with 25Q2, TNA increased by US$48.3 billion, or 56.1%, demonstrating accelerating investor interest in alternative investment strategies. The asset class reached its highest level in the five-quarter period.
Commodity funds were the standout performer from a yearly perspective, nearly doubling in size from US$62.8 billion in 25Q2 to US$125.3 billion in 26Q2, generating exceptional YoY growth of 99.4%. However, quarterly momentum weakened as assets declined by US$15.4 billion or 11.0% from the record level of US$140.7 billion reached in 26Q1. Despite the QoQ contraction, the asset class remains significantly larger than a year ago.
Estimated Net Flows of Funds in Asian Markets by Domicile
Estimated net flows into Asian domiciled funds accelerated significantly in 26Q2, reaching US$740.1 billion compared with US$534.7 billion in 26Q1, representing a QoQ increase of US$205.4 billion or 38.4%. The industry also more than doubled relative to 25Q2, when flows stood at US$329.3 billion, resulting in a YoY increase of US$410.8 billion or 124.8%. The sharp rise reflects a broad recovery in investor demand across several major markets, although the underlying flow pattern remained highly concentrated in a handful of key countries.
China remained the largest source of net inflows in cumulative terms despite experiencing substantial volatility over the five-quarter period. Net inflows recovered from an outflow of US$53.8 billion in 26Q1 to an inflow of US$12.9 billion in 26Q2, representing a positive swing of US$66.7 billion QoQ. However, flows remained dramatically below the exceptionally strong US$228.7 billion recorded in 25Q2, indicating a YoY decline of US$215.8 billion or 94.3%. China’s trajectory highlights continued instability in investor sentiment, with alternating periods of large inflows and outflows throughout the review period.
India emerged as one of the strongest contributors to regional growth in 26Q2. Net inflows surged to US$32.5 billion from only US$1.3 billion in 26Q1, representing an increase of US$31.2 billion QoQ and more than twenty-five times the previous quarter’s level. While still below the US$43.2 billion achieved in 25Q2, inflows rebounded strongly and reaffirmed India’s position as one of Asia’s most resilient fund markets. The sharp recovery suggests renewed investor confidence after a temporary slowdown in early 2026.
Japan maintained its status as a major destination for fund flows, attracting US$23.3 billion in net inflows during 26Q2. Although this represented a decline of US$22.5 billion or 49.1% from the exceptionally strong US$45.8 billion recorded in 26Q1, inflows remained nearly double the US$12.4 billion reported in 25Q2, resulting in YoY growth of US$10.9 billion or 87.9%. Japan continues to demonstrate relatively consistent positive flow momentum compared with other major markets.
Korea recorded one of the most notable reversals in regional flow trends. Net inflows fell significantly from a record US$59.7 billion in 26Q1 to US$15.2 billion in 26Q2, representing a QoQ decline of US$44.5 billion or 74.6%. Despite the sharp quarterly moderation, Korea still posted a YoY improvement of US$3.7 billion or 19.6% relative to 25Q2. The large quarterly decline suggests that the exceptional inflows seen in 26Q1 were unlikely to be sustained.
Taiwan delivered one of the strongest net inflows among Asian markets in 26Q2. Net inflows reached US$19.1 billion, increasing by US$6.8 billion or 55.6% from US$12.3 billion in 26Q1. Compared with US$11.8 billion in 25Q2, inflows rose by US$7.3 billion or 62.4% YoY. Taiwan was also notable for recovering from net outflows of US$8.3 billion in 25Q3 to generate positive inflows in every subsequent quarter, indicating strengthening investor demand.
Hong Kong experienced a substantial slowdown after posting strong inflows in 26Q1. Net flows declined from US$13.7 billion to US$2.0 billion in 26Q2, representing a decrease of US$11.7 billion or 85.1% QoQ. Nevertheless, flows remained below the relatively modest levels seen over most of the previous year. Compared with 25Q2, net inflows fell by US$4.0 billion or 66.4%, reflecting weaker overall momentum despite remaining positive.
Singapore’s fund market remained stable but exhibited a gradual moderation in inflows. Net inflows edged lower from US$1.7 billion in 26Q1 to US$1.6 billion in 26Q2, a decline of approximately US$0.2 billion or 10.5%. Relative to 25Q2, however, inflows were down by US$3.6 billion or 70.0%, highlighting a longer-term cooling trend despite continued positive net sales.
Indonesia was among the weakest markets during the quarter. After generating US$1.6 billion of inflows in 26Q1, the market swung to net outflows of US$2.0 billion in 26Q2, representing a deterioration of US$3.6 billion QoQ. This marks the first negative quarter since 25Q2 and contrasts sharply with the positive trend observed throughout 2025. The reversal suggests increased redemption activity or weaker investor participation.
Malaysia also moved into negative territory in 26Q2, recording net outflows of US$699 million compared with inflows of US$2.3 billion in 26Q1. The QoQ deterioration of approximately US$3.0 billion represents one of the largest percentage declines among smaller markets. Compared with inflows of US$393 million in 25Q2, Malaysia shifted from modest growth to outright contraction.
Thailand showed a meaningful recovery, with net inflows increasing from only US$15 million in 26Q1 to US$2.0 billion in 26Q2. This represented a substantial QoQ improvement of nearly US$2.0 billion and marked the strongest quarterly result since 25Q3. Relative to 25Q2, inflows decreased modestly by US$394 million or 16.5%, but the market clearly regained momentum after a prolonged slowdown.
The Philippines returned to net outflows, recording negative flows of US$394 million in 26Q2 compared with inflows of US$117 million in 26Q1. Although the absolute amount remained small, the shift represents a meaningful deterioration in investor sentiment. Vietnam remained the only market to register persistent net outflows across most quarters, posting withdrawals of US$108 million in 26Q2. While slightly better than the US$125 million outflow in 26Q1, the market continues to struggle to attract sustained positive fund flows.
Estimated Net Flows of Funds in Asian Markets by Assets
Estimated net flows across Asian fund markets exhibited a highly polarized pattern in 26Q2, with investor demand shifting decisively toward fixed income and alternative strategies while equity-oriented products experienced substantial net outflows. Aggregate flows by asset type reveal a significant reallocation of capital rather than a broad-based withdrawal from funds, as strong net inflows into Bond and Alternatives funds were offset by sizeable net outflows from Equity, Commodity, and Mixed Asset products.
Bond funds were the clear standout performer during the quarter, attracting net inflows of US$162.1 billion compared with net outflows of US$41.7 billion in 26Q1. This represents a remarkable positive swing of US$203.8 billion QoQ and marks the strongest quarterly inflow during the entire period under review. Year-on-year, Bond fund flows improved by US$61.5 billion from US$100.5 billion in 25Q2, equivalent to growth of 61.2%. The magnitude of the recovery is particularly notable given that Bond funds experienced three consecutive weak quarters between 25Q3 and 26Q1, including negative flows in two of those periods. The sharp turnaround suggests a significant shift in investor preference toward income-generating and defensive assets.
Alternatives funds maintained strong momentum and recorded the highest level of inflows in the series. Net inflows rose from US$8.0 billion in 26Q1 to US$10.6 billion in 26Q2, representing growth of US$2.6 billion or 32.7% QoQ. Compared with US$6.4 billion in 25Q2, inflows increased by US$4.2 billion or 65.5% YoY. The consistent strengthening over the last three quarters suggests growing investor demand for diversification strategies and non-traditional asset exposures amid uncertain market conditions.
Money Market funds continued to attract positive net inflows, although momentum moderated significantly. Net inflows fell from US$98.7 billion in 26Q1 to US$18.5 billion in 26Q2, representing a decline of US$80.2 billion or 81.3% QoQ. Relative to the exceptionally strong US$174.5 billion recorded in 25Q2, inflows declined by US$156.0 billion or 89.4% YoY. Despite the slowdown, Money Market funds remained in positive territory, indicating that liquidity and cash-management needs continue to provide support for the category even as investors increasingly redirected assets toward bonds.
Equity funds experienced the most dramatic deterioration among all asset classes. Net flows plunged from an outflow of US$11.6 billion in 26Q1 to an outflow of US$72.6 billion in 26Q2, worsening by US$61.0 billion QoQ. The contrast with 25Q2 is even more striking, as Equity funds moved from net inflows of US$44.6 billion to net outflows of US$72.6 billion, representing a negative swing of US$117.2 billion. After attracting substantial inflows of US$98.3 billion in 25Q4, the category has now recorded two consecutive quarters of redemptions, signaling a pronounced weakening in investor risk appetite toward equities.
Commodity funds also experienced a sharp reversal. Following four consecutive quarters of positive net inflows, including a record US$25.5 billion in 26Q1, the category recorded net outflows of US$5.2 billion in 26Q2. This represents a QoQ deterioration of US$30.6 billion and a YoY decline of US$18.6 billion compared with inflows of US$13.4 billion in 25Q2. The swing from strong inflows to net redemptions suggests that investors may have reduced tactical allocations after a prolonged period of commodity-related gains.
Mixed Assets funds remained under pressure despite showing temporary improvement in 26Q1. The category moved back into negative territory, recording net outflows of US$5.6 billion in 26Q2 compared with inflows of US$5.5 billion in the previous quarter. The resulting deterioration of US$11.1 billion QoQ indicates that investors became less willing to allocate to balanced strategies. Nevertheless, compared with outflows of US$12.1 billion in 25Q2, the category improved by approximately US$6.5 billion YoY, suggesting some stabilization relative to earlier periods.
Top/Bottom Net Flow by LGC
Net flows by Lipper Global Classification in 26Q2 reveal an exceptionally polarized allocation pattern, with investors overwhelmingly favoring Chinese fixed income strategies while aggressively redeeming from China-focused and growth-oriented equity mandates. The top five inflow classifications collectively attracted US$182.9 billion, more than offsetting the US$146.6 billion withdrawn from the five largest net outflow categories, highlighting a strong rotation rather than broad market disengagement.
Bond CNY was by far the dominant recipient of investor capital, attracting US$137.0 billion of net inflows. The scale of fund flows significantly exceeded every other classification and underscores the strong investor preference for domestic Chinese fixed income exposure. The magnitude of flows suggests a pronounced shift toward income-generating and relatively defensive assets amid heightened uncertainty across equity markets.
Bond CNY Short Term ranked second with net inflows of US$20.8 billion, further reinforcing the preference for lower-duration and liquidity-oriented fixed income solutions. Combined, the two CNY-denominated bond categories gathered US$157.8 billion, demonstrating that fixed income was the primary beneficiary of asset reallocation during the quarter. The concentration of inflows into both broad and short-term Chinese bond strategies indicates investors were seeking stability and yield while maintaining flexibility in portfolio positioning.
Among equity categories, Equity US attracted US$8.9 billion of net inflows, making it the strongest-performing equity classification. The positive demand suggests investors continued to favor exposure to the U.S. market despite broader equity fund redemptions at the regional level. This was closely followed by Alternative Equity Leveraged, which gathered US$8.3 billion, reflecting continued investor appetite for higher-conviction and tactical investment strategies capable of amplifying market opportunities.
Equity Taiwan completed the top five inflow rankings with US$7.9 billion of net new money. The strong demand highlights continued investor confidence in Taiwan-related investment themes, particularly given the market’s strategic importance within global technology and semiconductor supply chains. The presence of both Equity US and Equity Taiwan among the leading inflow categories indicates that investors remained selective in equity allocations, favoring markets perceived to have stronger structural growth drivers.
On the contrary, Equity China experienced overwhelming selling pressure, recording net outflows of US$83.8 billion. This single classification accounted for more than half of all withdrawals among the bottom five categories and was almost equivalent to the combined outflows of the other four categories. The scale of redemptions reflects persistent investor caution toward the Chinese equity market despite renewed inflows at the broader country level and suggests that investors preferred fixed income exposure to Chinese risk assets.
Equity Sector Information Technology registered the second-largest outflow at US$18.8 billion. The sizeable withdrawal points to profit-taking and reduced appetite for concentrated sector exposure following a period of strong technology-related performance. Investors appear to have shifted away from higher-growth segments in favor of more defensive allocations.
Mixed Asset CNY Aggressive recorded net outflows of US$17.0 billion, indicating reduced demand for risk-oriented multi-asset strategies. The magnitude of withdrawals suggests investors were unwilling to maintain aggressive balanced allocations and instead favored more targeted fixed income investments. This trend aligns with the substantial inflows observed in Chinese bond classifications.
Equity China Small & Mid Cap experienced net redemptions of US$15.4 billion, further illustrating the broad-based weakness within Chinese equities. Notably, both broad China equity and China small- and mid-cap mandates appear among the largest net outflow categories, indicating that investor concerns extended across market-cap segments rather than being confined to a particular area of the market.
Money Market KRW rounded out the bottom five with net outflows of US$11.6 billion. Unlike the equity-related redemptions, this withdrawal likely reflects investors redeploying cash balances into higher-yielding or longer-duration opportunities rather than a deterioration in market sentiment. The movement contrasts with the broader strength seen in fixed income allocations elsewhere in the region.
Total Net Asset Value (TNA) of Institutional Fund
Institutional fund across the Asian markets totaled approximately US$18.96 billion in 26Q2, with assets remaining highly concentrated in a few key markets. India retained its position as the largest institutional fund domicile with US$5.87 billion in assets, followed by Korea at US$4.96 billion, Japan at US$4.75 billion and Thailand at US$1.08 billion. The most significant developments during the quarter were the continued expansion in Korea and Taiwan, the recovery in India, and a sharp contraction in Thailand.
India remained the dominant institutional fund market despite experiencing fluctuations over the review period. Institutional TNA increased from US$4.99 billion in 26Q1 to US$5.87 billion in 26Q2, representing a substantial gain of US$876 million. The recovery largely reversed the decline observed over the previous year and brought asset levels close to the US$6.32 billion reported in 25Q2. Although assets remained slightly below their year-ago level, India continued to represent the largest institutional asset pool in the region, accounting for nearly one-third of total institutional assets.
Korea recorded one of the strongest growth stories among all domiciles in Asia. Institutional assets rose from US$966 million in 25Q2 to US$4.96 billion in 26Q2, an increase of almost US$4.0 billion over the twelve-month period. Most notably, assets surged from US$1.35 billion in 25Q4 to US$4.65 billion in 26Q1 before increasing further to US$4.96 billion in 26Q2. The cumulative rise of nearly US$3.6 billion since the end of 2025 represents the largest absolute expansion among all markets, transforming Korea into the region’s second-largest institutional fund domicile by assets.
Japan remained one of the largest institutional fund markets but continued to exhibit a gradual erosion in asset levels. Institutional TNA declined from US$5.87 billion in 25Q2 to US$4.75 billion in 26Q2, representing a reduction of approximately US$1.12 billion over the period. Assets have fallen consistently across five consecutive quarters, indicating persistent challenges in attracting new institutional mandates or retaining existing assets. Despite the decline, Japan remains a core institutional market due to its sizeable asset base.
Thailand experienced the most dramatic contraction among all domiciles. Institutional assets collapsed from US$4.07 billion in 26Q1 to US$1.08 billion in 26Q2, a decline of nearly US$3.0 billion in a single quarter. Compared with US$4.22 billion in 25Q2, assets fell by approximately US$3.14 billion, representing the largest year-over-year decrease within the region. The decline reduced Thailand from one of the largest institutional fund centers to a significantly smaller market, suggesting substantial asset withdrawals, mandate restructuring, or reclassification activities.
Taiwan emerged as another standout growth market. Institutional TNA increased steadily throughout the period, rising from US$532 million in 25Q2 to US$1.30 billion in 26Q2. The increase of US$768 million more than doubled its asset base over the year. Growth accelerated particularly in 2026, with assets climbing from US$936 million in 26Q1 to US$1.30 billion in 26Q2. This strong trajectory reflects continued institutional demand and strengthening local market participation.
China’s institutional assets remained relatively small and volatile. Assets increased to US$581 million in 26Q1 before declining to US$485 million in 26Q2. Compared with US$467 million in 25Q2, overall asset levels remained broadly stable, indicating limited long-term expansion despite quarter-to-quarter fluctuations.
Estimated Net Flows of Institutional Fund
Institutional fund flows across Asian markets remained highly concentrated in a small number of domiciles during 26Q2, with Thailand, Korea, Taiwan, and India accounting for the majority of positive net flows, while persistent net outflows from Japan continued to act as the largest drag on regional institutional fund activity. The quarter was characterized by a normalization of exceptionally strong flows seen in Korea during 26Q1, continued institutional demand in Taiwan and Thailand, a turnaround in India, and ongoing structural outflows from Japan.
Thailand emerged as the largest recipient of institutional net inflows during 26Q2, attracting US$299.5 million, up from US$252.9 million in 26Q1. The increase of US$46.6 million highlights sustained institutional demand and represents a significant reversal from the persistent outflows recorded throughout 2025. Compared with the net outflow of US$42.8 million in 25Q2, Thailand improved by US$342.3 million year over year, making it one of the strongest flow recoveries in the region. This strong flow trend is particularly noteworthy given the sharp decline in Thailand’s institutional asset base during the same quarter, suggesting that factors beyond net sales, such as market movements or asset reclassifications, may have influenced overall asset levels.
Korea remained one of the strongest institutional gathering markets despite a substantial moderation from the extraordinary level seen in 26Q1. Net inflows totaled US$154.8 million in 26Q2, compared with an exceptional US$3.51 billion in the previous quarter. While the decline of US$3.35 billion reflects a normalization of flow activity, Korea still ranked among the leading destinations for institutional capital. Relative to the net outflow of US$21.7 million recorded in 25Q2, Korea improved by US$176.5 million year over year. The market’s shift from negative flows in mid-2025 to sustained positive inflows throughout 2026 demonstrates a significant strengthening in institutional participation.
Taiwan continued its consistent pattern of attracting institutional assets, generating US$85.1 million of net inflows during 26Q2. Although inflows moderated from US$211.9 million in 26Q1, Taiwan remained one of the region’s strongest performers. Compared with US$62.5 million in 25Q2, flows increased by US$22.5 million year over year. Taiwan has now recorded positive institutional inflows in every quarter under review, underscoring the sustained confidence of institutional investors and supporting the strong asset growth observed in the domicile’s institutional fund industry.
India recorded a notable turnaround in institutional investor sentiment. Following two consecutive quarters of net outflows, including a withdrawal of US$22.6 million in 26Q1, the market generated net inflows of US$45.7 million in 26Q2. The positive swing of US$68.2 million from the previous quarter marked one of the largest flow improvements in the region. Although institutional flows remain modest relative to India’s asset base, the return to positive territory aligns with the recovery in institutional TNA during the quarter and suggests improving investor confidence.
Japan remained the weakest institutional market in Asia by a substantial margin. Net outflows reached US$276.9 million in 26Q2, worsening from US$230.7 million in 26Q1 and representing an additional US$46.2 million of redemptions. Japan has recorded institutional outflows in every quarter examined, with cumulative withdrawals exceeding US$1.0 billion over the five-quarter period. The persistence and scale of redemptions indicate ongoing structural challenges in attracting institutional assets and stand in stark contrast to the positive momentum observed in Korea, Taiwan, Thailand, and India.
