A huge inflow of capital has kept stock prices elevated and rising in 2013. The great rotation is finally being seen, but unfortunately it is happening after stocks have doubled from their lows during the recession.

A new report from TrimTabs Investment Research showed that a sum of about $55.1 billion has been put to work into global equity mutual funds and exchange-traded funds (ETFs) in January and February. TrimTabs says that this is the largest two-month inflow on record and compares to a $49.1 billion record inflow from January and February of 2006 when emerging markets and China were taking in so much capital.

Interestingly enough, the report even goes so far as to say that bulls should be concerned about the inflow into foreign stocks as this is a trend that often occurs near market tops. TrimTabs even pointed out that U.S. funds are up 6.2%, versus a gain of 2.4% on average from funds so far in 2013. Global equity funds took in more than $1 billion daily in fresh cash, and inflows did no’t slow much as the month progressed.

The report shows that global equity mutual funds and ETFs received an all-time record $34.4 billion in January. The $20.1 billion in February fund inflows may seem small in comparison, but TrimTabs said that February was still the second-highest one-month of inflow going back to October 2007. U.S. equity mutual funds and ETFs issued $5.9 billion in February, down from $32.0 billion in January.

Bond mutual funds and ETFs issued $17.2 billion in February, down from $33.5 billion in January.

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