On Friday, Bloomberg reported that European equity funds have now endured 16 straight weeks of investment outflows, according to a research note by Bank of America strategists which examined fund flow data.

The report found that since the start of the year, total withdrawals added up to $27 billion, with Europe exhibiting the largest outflows among the major regions, seeing $4.6 billion flow outward just in the past week.

Analysts attribute the outflows to a growing preference among investors for highly capitalized tech stocks, which are much more prevalent in the Untied States. Currently the US-based Nasdaq index of tech stocks is up 32%, for its second best performance over a six month period since it surged 61% in 1999.

In a note to Bloomberg, Barclays strategist Emmanuel Cau said, “Tech exposure is driving regional equity flows again, benefiting US equities and the dollar.” He pointed out the only major region to see withdrawals in June was Europe.

Cau said, “In contrast, US investors have started selling European equities for the first time this year, with the weakening in activity data prompting broader outflows from the region.”

Morgan Stanley analysts said last month that this summer will likely see a 10% drop in European stocks as a slowdown in economic growth, deteriorating liquidity, a stronger dollar, and the region’s ongoing tightening of monetary policy will all work together to apply downward pressure on equities.

The first half of the year, the pan-European Stoxx 600 closed up 8.8%.