Flows are rotating into ALGM while HESM weakens

🇺🇸 A clear flow shift is unfolding with inflows outpacing outflows by more than 2:1, but caution persists as the largest exit remains sizable at $12M from $HESM. Despite the broad inflow, the market shows selective interest, with ALGM leading the charge with a robust +$73M, signaling a focus on specific themes rather than broad conviction. The inflow into ALGM stands out amid a backdrop of significant outflows from HESM, KGC, and NXT. This divergence suggests traders are rotating into high-conviction names like ALGM while trimming exposure elsewhere. The next move hinges on whether this concentrated flow sustains or begins to broaden, confirming whether the market is shifting toward a more genuine risk appetite or merely a patchwork of single-stock bets.