The substantial net outflows observed during the previous APP net purchase phase were almost entirely accounted for by portfolio flows into long-dated foreign securities, which outstripped by a wide margin the continued net inflows into euro area equities.
[30] The ending of this phase of net purchases in December 2018 marks an important pivot in the data, with the convergence of net portfolio outflows to zero by the middle of 2019. Chart 10 Breakdown of euro area net portfolio investment flows (EUR billions; twelve-month moving sums)  Source: ECB.