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Money has been rushing out of US stocks for 10 years.
In a note to clients on Thursday, Deutsche Bank's Binky Chadha looks at the three large rotation trades of the last few years - out of stocks into bonds, out of emerging markets and into developed ones, and out of US stocks for Europe and Japan.
And the outflows from US stocks, at $260 billion over the last decade or so, have been the largest across not only all regions but all asset classes.
Flows back into US stocks started to turn around during 2012 and 2013 as the Federal Reserve engaged in its third quantitative easing program and money was running out of emerging markets and into developed markets.
But Chadha notes that this trend reversed earlier this year as negative economic data surprises - as well as quantitative easing programs in Japan and Europe - led to an additional $150 billion coming out of US stocks.
Though with data turning up, money could soon be finding its way back in.
Deutsche Bank