The Inflow of Funds into 'All Country' Shows No Signs of Stopping. Decoding the '1.4 Trillion Yen Adversity' of 2026 with Data | 3rd Year of New NISA: Behavioral Changes of Individual Investors

Today, I would like to talk about the latest data regarding 'All Country' (eMAXIS Slim Worldwide Equity), one of the most popular investment trusts.

Regarding the details of 'All Country', the following article of mine has received the most views.
I would appreciate it if you could take a moment to read it.

Since there was some recent news related to 'All Country', I would like to share the latest situation as of the spring of 2026.

Entering 2026, the inflow of funds into 'All Country' has become a topic of news.

Turmoil in the Middle East and a decline in stock prices.
Even amidst such headwinds, inflows are continuing at a pace that exceeds the previous year.

It is not just a matter of strong performance;'Why is it exceeding the previous year in this environment?' is the point attracting attention.
Today, I will organize that data and decode the background.

Looking at 'All Country' in 2026 through the numbers

First, let's confirm the current figures.

According to calculations by Mitsubishi Asset Brains,
the net inflow into 'All Country' from the beginning of 2026 to April 17th is,

approximately 1.4169 trillion yen.

It has reached this level in just over four months.

Furthermore, the monthly inflow for January 2026 was 660.5 billion yen,
which set a new record for the highest monthly inflow since the start of the New NISA.

The total net assets (the balance of the entire fund) also reached 10.0022 trillion yen as of February 9th.
This is a scale unprecedented for a domestic public offering additional-type stock investment trust.

Positioning in terms of annual trends

How about the movement throughout the year?
Let's look at it from 2024, when the New NISA started.

Since the pace gradually slows down towards the end of every year, it is predicted that it will not maintain this exact pace. However, since the principles of long-term, installment, and diversification form the base, and 'All Country' is a package that combines these, I believe there is a strong possibility that it will exceed the previous year on a solid foundation.

Overwhelming in the rankings from January to March 2026 as well

Looking at the ranking of fund inflows by fund for the first quarter (January-March) of 2026,

• 1st Place: eMAXIS Slim Worldwide Equity (All Country) - Over 1 Trillion Yen

• 2nd Place: eMAXIS Slim US Equity (S&P 500) - 594 Billion Yen

The gap between these two is significant, with the top-ranked 'All Country' attracting about 1.7 times the inflow of the second place.
It has also recorded the top spot for three consecutive weeks in the weekly rankings.

The background behind the news

If it were just about the size of the inflow, one could say that 2024 (the first year of the new NISA) had higher buzz.

So, why are the 2026 figures attracting attention?

It lies in the'contrast with the environment'.

Let's organize the situation for each year.

In the first half of 2025, a combination of sluggish US stocks and a stronger yen led to a phase where the unrealized gains of 'All Country' holders shrank significantly.
(This was a period when the exchange rate moved from the 150 yen range to the 140 yen range per dollar.)

Even so, the layer of investors who did not stop their accumulation grew thicker,
and the same behavior of continuing to buy is seen entering 2026.
This is what supports the current pace of inflow.

Why they keep buying - 3 reasons

There are considered to be three reasons behind such stable and continuous fund inflows.

① Automatic buying through accumulation settings
Investors who have set up monthly accumulation continue to purchase automatically regardless of the market environment.
More than two years have passed since the start of the new NISA, and as the base of investors with accumulation settings has grown,
stable buying demand that does not depend on market conditions has been formed.

② Lump-sum purchases due to the annual NISA quota reset at the beginning of the year
Since the annual investment quota is renewed every January,
funds from the group that makes lump-sum purchases at the beginning of the year are concentrated.
The record-breaking single-month figure in January 2026 is seen as largely due to the effect of this 'beginning-of-the-year lump-sum investment'.

③ The establishment of 'buying more' behavior during market downturns
As a result of the philosophy of long-term, diversified, and cumulative investment permeating individual investors,
a behavioral pattern of viewing stock price declines as buying opportunities is spreading.
The fact that the pace of inflow does not drop even when there is a deterioration in Middle East affairs or stock price declines
indicates the establishment of this behavioral change.

Are there any risks?

It is not without risk.

Information on All-Country funds, including their constituent stocks, is publicly available below.

While the current asset value is disclosed, the information on constituent stocks is about a year old, so it is not possible to check in real-time which stocks are included.

As you can see, you will notice that there are many components of high-performing US stocks (as of the time of writing this article).

Also, regarding information on constituent stocks, it is clearly stated that the update frequency is '1-3 times a year'.

Due to the nature of investment trust products, the idea is to leave it to the professionals to some extent, so if you have any doubts or concerns about the constituent stocks or this update frequency, I think it is better to carefully consider your purchase.

Summary

The reason why this '1.4 trillion yen inflow' is making news is
not so much because of the size of the number, butin the contrast with the harshness of the environment.

The behavior of individual investors continuing to buy even in the face of headwinds
may indicate that in the third year of the New NISA, it has already entered the stage of 'habituation'.

The essence of long-term investment is not to be swayed by market ups and downs,
and since it is a product based on the premise of global economic growth,
the attitude should be to 'wait'.
The continuous inflow of funds into All-Country funds can be read as proof that this way of thinking has taken root among Japanese individual investors.

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Main References
Mitsubishi Asset Brains 'Fund Inflow/Outflow Survey' (April 2026) / Nihon Keizai Shimbun '1.4 Trillion Yen Inflow into All-Country Funds Despite Middle East Turmoil' (2026.04.21) / Nihon Keizai Shimbun 'Investment Trust Fund Inflow Ranking for January-March' (2026.04.21) / Finasee 'January 2026 Investment Trust Overview' (2026.02.15) / Nihon Keizai Shimbun '2025 Investment Trusts, 2.4 Trillion Yen Inflow into All-Country Funds' (2026.01.19)