Total Net Assets (TNA) of Funds in Asian Markets by Domicile
The Asian asset landscape demonstrated significant resilience in the final quarter of 2025, with total net assets reaching a peak of approximately $9.24 trillion. This reflects a steady expansion throughout the year, culminating in a total year-over-year (YoY) growth of 16.9%. The market exhibits a clear concentration of wealth, with China and Japan collectively commanding over 74% of the region’s total assets. Despite various global headwinds, the quarterly momentum remained positive at 3.2% quarter-over-quarter (QoQ), indicating that capital inflows and market valuations remained robust as the year concluded.
China remains the dominant force in the region, holding $5.22 trillion in net assets. It achieved a respectable 4.1% QoQ growth and a strong 16.3% YoY increase. Hong Kong, acting as a vital financial conduit, outperformed the broader region in terms of annual growth, posting a staggering 28.7% YoY gain. This surge suggests a significant return of institutional capital and a resurgence in its status as a premier wealth hub, despite more modest quarterly gains of 3.2%.
India continues its steady ascent with total assets of $877.8 billion. While its quarterly growth was a conservative 1.1%, its annual growth of 9.4% YoY underscores a consistent upward trend. The relatively lower QoQ figure may reflect a period of consolidation following rapid earlier expansion or a shift in domestic liquidity during the year’s end.
Japan stands as the second-largest Asia market with $1.67 trillion in net assets. It maintained a solid trajectory with 20.0% YoY growth and 3.3% QoQ. In contrast, Korea faced a slight contraction in the final quarter, with a -0.3% QoQ dip, though it still finished the year with a remarkable 24.9% YoY increase, second only to Hong Kong among the major economies.
Indonesia emerged as the quarterly champion, posting a sharp 16.1% QoQ increase, the highest in the dataset. This suggests a sudden influx of capital or a significant revaluation of assets in Southeast Asia’s largest economy. Conversely, Singapore experienced a notable quarterly decline of -18.6% QoQ, potentially due to large-scale capital reallocations or seasonal outflows, though it maintained a positive 7.1% YoY growth.
Figure1:The Net Asset Value by Domicile
Source:LSEG Lipper
Total Net Asset Value (TNA) of Funds in Asian Markets by Asset
The asset landscape in late 2025 is defined by a heavy concentration in Equity and Money Market funds, which together represent over 66% of the total assets recorded in LSEG Lipper’s dataset. Total net assets across all categories reached approximately $9.24 trillion by the end of 25Q4, marking a resilient conclusion to the year. While the overall market grew at a steady 3.2% quarter-over-quarter (QoQ), individual asset classes displayed extreme divergence, ranging from hyper-growth in commodities to a huge collapse in the reported real estate asset values.
Commodities emerged as the standout single asset performer of the year, achieving a massive 144.0% year-over-year (YoY) increase and a 48.5% jump in the final quarter alone. This surge likely reflects broader global trends in early 2026, where industrial metals like copper and aluminum are seeing robust demand from the accelerating energy transition and AI infrastructure buildouts. Equity remains the largest single asset class at $3.39 trillion, maintaining strong momentum with 30.6% YoY growth. This upper trend is buttressed by continued investor optimism surrounding artificial intelligence and a broadening of equity gains beyond just the technology sector into value stocks and emerging markets.
Money Market assets reached $2.75 trillion, showing a consistent 14.6% YoY rise and 2.4% QoQ growth. This suggests that investors are maintaining high levels of liquidity, potentially as a defensive buffer against a “fragile” global backdrop characterized by geopolitical tensions and trade fragmentation. Bonds followed a similar path of steady accumulation, finishing the year at $1.98 trillion with a 12.7% YoY increase. Bond markets have remained relatively unperturbed in early 2026 as inflation normalizes across rich countries, allowing central banks to pivot toward neutral or easing policy stances.
Alternatives and Mixed Assets both showed stable, moderate growth. Alternatives grew 13.6% YoY to reach $84.5 billion, while Mixed Assets rose 16.7% YoY to $785.2 billion. These asset classes are increasingly viewed as essential for portfolio diversification in a “two-speed” global economy, where high-speed growth is concentrated in AI-driven sectors while other areas face affordability and structural issues.
The most significant outlier in the data is Real Estate, which suffered a catastrophic decline of 93.2% YoY, falling from $89.9 billion in 25Q1 to just $6.1 billion by 25Q4. The quarterly collapse of 80.7% in 25Q4 indicates a severe liquidity event or a massive reclassification of assets within this specific reporting period. This stands in sharp contrast to other risk assets, suggesting that while the broader market is constructive, the real estate sector may be facing idiosyncratic pressures related to high borrowing costs or shifting demand in the post-pandemic era.
Figure2:The Net Asset Value by Asset
Source:LSEG Lipper
Estimated Net Flows of Funds in Asian Markets by Domicile
The Asian financial landscape in 2025 was defined by a massive divergence between “high-conviction” markets and those facing structural or geopolitical headwinds. The region concluded the year with a total net inflow of $129.42 billion, a significant recovery considering the volatile start to the year. While the second quarter (25Q2) saw a historic surge of $189.63 billion in net inflows, the third quarter experienced a temporary retreat of -$31.27 billion, highlighting the market’s sensitivity to shifting global trade policies and interest rate expectations.
China remained the primary driver of regional capital movement, finishing 2025 with total net inflows of $114.26 billion. The flow pattern was highly cyclical: after a significant outflow of -$36.66 billion in 25Q1, the market saw a massive rebound in 25Q2 with $176.21 billion in net inflows. This “rollercoaster” trend reflects the interplay between softening domestic demand and the proactive “policy toolkit” deployed by authorities to stabilize expectations amid escalating tariff pressures.
Japan exhibited the most consistent positive momentum in the region, recording net inflows in every quarter of 2025 and totaling $28.12 billion for the year. The market’s attractiveness was bolstered by a transition into a moderate inflationary regime, which sparked a fundamental shift in household and institutional behavior toward risk assets. Global net inflows into Japan were particularly robust in the final quarter ($12.25 billion), driven by improving corporate governance and the “social implementation” of AI technologies.
In stark contrast to its strong macroeconomic fundamentals, India faced persistent capital flight throughout 2025, ending the year with total net outflows of -$16.03 billion. Net outflows were recorded in four out of five reported periods, including a -$8.69 billion net outflows retreat in 25Q4.
Taiwan demonstrated notable resilience, finishing the year with $4.12 billion in net inflows. The market reached a historic peak in 2025, supported by the global dominance of its semiconductor industry and a thriving ETF market, which grew 36% YoY. Although 25Q3 saw a brief outflow of -$3.82 billion, capital returned in 25Q4 ($881 million) as the innovation ecosystem, particularly in AI and advanced manufacturing, continued to attract global liquidity.
The ASEAN markets presented a mixed but generally constructive flow environment. Indonesia emerged as a steady recipient of capital, totaling $1.39 billion in net inflows for the year, with a strong finish of $600 million in 25Q4. Thailand followed a similar positive trajectory with $3.08 billion in annual net inflows, despite a modest 25Q3. Conversely, Vietnam and the Philippines struggled with minor net outflows for the year, totaling -$8 million and -$399 million respectively, as they navigated shifting supply chain dynamics and external demand fluctuations.
Figure3:The Accumulative Net Flows by Domicile ($Million)
Source:LSEG Lipper
Estimated Net Flows of Funds in Asian Markets by Asset
Based on LSEG Lipper’s ENF (Estimated Net Flows) data, the 2025 fiscal year represents a period of significant strategic reallocation, characterized by a massive rotation into risk-on assets and a structural retreat from diversified “Mixed Asset” strategies. The whole year of 2025’s ENF reveals a market dominated by Equities and Money Markets, which together captured over $235 billion in net inflows, while Mixed Assets suffered a catastrophic exit of over $61 billion.
Equity type emerged as the undisputed leader of 2025, ending the year with a massive $109.66 billion in net inflows. The trajectory was one of accelerating momentum: after starting the year strong with $33.47 billion in 25Q1, the asset class saw a brief, minor cooling in 25Q2 (-$4.47 billion) before exploding in the second half of the year. The 25Q4 inflow of $60.96 billion alone accounted for more than half of the yearly total, suggesting a powerful “Santa Claus” rally or a significant year-end risk appetite shift among institutional and retail investors alike.
Money Markets remained a critical pillar of the 2025 landscape, securing $125.45 billion in total yearly net inflows. However, the path was highly volatile. The year began with a sharp $43.70 billion outflow in 25Q1, likely as investors moved “cash on the sidelines” into the rallying equity market. This trend reversed dramatically in 25Q2 with a record $120.07 billion inflow, indicating a flight to safety or a reaction to mid-year macro uncertainty. By the end of 2025, flows stabilized into a consistent positive trend, with $29.44 billion entering the asset class in 25Q4.
The Bond and Mixed Asset categories tell a story of bifurcated sentiment. Bonds managed to end 2025 in positive territory with $28.90 billion in net inflows, but this was largely due to a massive $78.97 billion surge in 25Q2 which offset heavy losses in 25Q1 (-$21.12 billion) and 25Q3 (-$43.94 billion). Conversely, Mixed Assets were the year’s primary “donor” class, seeing relentless net outflows in every single quarter of 2025 except for a marginal gain in 25Q1. The $61.69 billion total exodus from Mixed Assets suggests that investors are increasingly abandoning balanced, all-in-one products in favor of precise, single-asset class building blocks.
Commodity showed remarkable consistency and strength throughout the year, totaling $30.43 billion in net inflows. The asset class saw its strongest demand in 25Q4 ($16.06 billion), potentially acting as a hedge against late-year inflationary pressures or geopolitical concerns. In contrast, Alternatives struggled to find a footing, ending the year with a net outflow of $340 million. While 25Q1 and 25Q2 showed promise, a combined outflow of over $2.14 billion in the second half of the year neutralized those early gains.
Figure4:The Accumulative Net Flows by Asset ($Million)
Source:LSEG Lipper
Top/Bottom Net Flow by LGC
The largest net inflows of LGC in 25Q4 is Money Market CNY which gained $58,604 million influx into the classification. This surge suggests that global investors are treating the Chinese Yuan as a primary liquidity anchor, likely responding to the People’s Bank of China’s continued accommodative stance and the relative stability of the onshore currency compared to other emerging market peers. This flow is further bolstered by the strong net inflows of Bond CNY and Bond CNY Short Term, which together captured over $22 billion.
Equity Sector Information Technology continues to defy gravity with $13,676 million net inflows for 25Q4. This sustained momentum proves that the structural shift toward AI and semiconductor infrastructure is no longer a speculative trade but a core portfolio requirement for 2026. Complementing this risk-on appetite is a significant defensive play in Commodity Precious Metals, which attracted $15,425 million net inflows for 25Q4. The simultaneous rise in gold-related flows and tech equities suggests that even as investors chase growth, they are paying a high premium for “insurance” against potential geopolitical flare-ups or late-cycle volatility.
Conversely, the bottom end of the spectrum highlights a severe crisis of confidence in the Korean and Indian markets. Money Market KRW leads the net outflows with a staggering $16,896 million exit, a move primarily driven by the “Westward Migration” of South Korean retail capital into U.S.-listed tech giants and the persistent yield disadvantage of the Won. The Indian market is also facing headwinds as Money Market INR saw $12,826 million in outflows, reflecting tight domestic banking liquidity and a shift toward direct equity participation. Mixed Asset CNY Aggressive and Flexible were losing nearly $19 billion combined.
Figure5: Top/Bottom Net Flow by LGC($Million)
Source:LSEG Lipper
