Flows are rotating into ANA.MC while Cross-Sector Growth & Defense weakens

🇪🇺 A sharp flow reversal signals a clear shift away from broad sector rotations toward concentrated thematic bets, raising caution about underlying market stability. Today’s data shows an equal number of inflows and outflows, but the largest outflow from Cross-Sector Growth & Defense ($6.27B) sharply contrasts with the $23.68B inflow into $ANA-MC, confirming a move into specific, high-conviction names rather than a broad market rally. This concentrated flow underscores a risk-on stance favoring top-tier growth themes, but the divergence warns that underlying breadth remains narrow. The next focus is whether the inflow into ANA-MC sustains, or if we see a broader distribution of flows across other themes, which would signal more sustainable strength versus a fleeting, leader-driven move.