Spyglass Investment Strategy Overview

0 Where has all the money gone? YTD in/(out)flows ($ billions) $1.200 Mutual fund and ETF in/(out)flows YTD $1,000 ($ billions) $1,000 $800 $600 $400 $200 $0 ($200) ($17) US equity ($14 tn) $236 $95 Non-US equity ($7 tn) Bonds ($9 tn) Source: Goldman Sachs Investment Research, EPFR. For informational purposes only. Money markets ($7 tn) As of September 8, 2023 37

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