Flows are rotating into FRSH while ESE weakens

🇺🇸 Equities are seeing a clear flow divergence, with fresh money pouring into $FRSH (Freshworks Inc.) while ESE faces a significant exit. The market is showing a preference for the theme that signals renewed consumer activity, as FRSH attracted $89M in new flows, confirming broad interest. Meanwhile, ESE led the outflows with a $68M withdrawal, suggesting some caution or profit-taking in that space. This shift underscores a potential rotation into defensive, consumer-focused themes, but the sizeable exit from ESE warns against complacency. The next key move will be whether inflows into FRSH sustain and expand or if outflows re-emerge in the ESE space, which could signal a pause or reversal in the current trend.