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Foreign investors poured $426 billion into U.S. stocks in the second quarter, eclipsing the previous high of $299 billion. The surge represents the largest quarterly capital inflow on record and creates both opportunities and risks for systematic strategies that rely on capital flow patterns, market efficiency, and liquidity dynamics. The Scale of the Inflow and Its Market Impact A $426 billion injection translates into roughly 0.3 % of the total market cap of the U.S. equity universe, assuming a market value near $15 trillion. While that fraction seems modest, the concentration of the money in the most liquid large‑cap stocks can shift pricing relationships, tighten spreads, and alter turnover rates....