Flows are rotating into ITV.L while ALW.L weakens

🇪🇺 Equities are seeing a sharp rotation away from large cap themes, with a notable $13.63 billion exit from ALW.L and SCT.L leading the pack. The flow shift signals a cautious stance among investors, as the dominant outflow from these top holdings dwarfs the modest $3.72 billion inflow into ITV.L, the sole notable bid. This divergence underscores a risk-off mood, with the market shedding its most influential positions even as selective pockets like $ITV-L attract fresh capital. What matters next is whether this outflow momentum sustains or reverses. The heavy liquidation of asset managers and financial software suggests a broader risk aversion rather than a sector-specific move. A confirmation test will be the persistence of inflows into ITV-L or a broader stabilization in the flow landscape, which could hint at a potential bottoming or a continued retreat.