Flows are rotating into Utilities & Communications Cohort while Cross-Sector Defensive Cohort weakens

🇪🇺 The flow shift signals a clear move away from defensive sectors toward more cyclical and growth-oriented themes, but caution is warranted given the narrow breadth - just 43 active flow clusters. The biggest outflows hit the Cross-Sector Defensive Cohort led by $SHB-A-ST, which alone accounted for over $72 billion leaving, underscoring a significant risk-off unwind. Meanwhile, inflows concentrated into Utilities and Communications, led by NTGY-MC with $56.75 billion, confirming strength in defensive staples. The inflow confirmation hinges on the NTGY-MC flow holding above recent levels, signaling that defensive positioning remains intact even as broader sector rotation accelerates. Next, watch whether the defensive bid broadens beyond Utilities and Communications or if outflows resume across other defensive groups.