Foreign investors’ net purchases of U.S. stocks reached $942 billion over the past 12 months, the highest rolling 12-month total since the U.S. Treasury Department began tracking the data in 1985. The record flow accompanies overseas holdings of $24.32 trillion in U.S. equities in July, the third-largest amount in history. Foreign holdings rose $2.22 trillion, or 10%, year to date, extending their increase since the 2022 bear market and pointing to a significant shift in global capital flows.