Flows are rotating into ESE while Cross-Sector Growth & Innovation weakens

🇺🇸 A clear flow shift is underway, with inflows overwhelmingly concentrated into $ESE (ESCO Technologies Inc.) while outflows dominate elsewhere, led by IONQ. The market’s risk appetite is pivoting towards defensive themes, but the divergence between top inflows and outflows signals caution. ESE attracted $303M in new bids, confirming its status as the dominant bid, while IONQ saw a $38M exit amid broad-based outflows from Cross-Sector Growth & Innovation. This suggests traders are favoring more stable, thematic plays over high-growth names, even as some pockets still see active risk off. Next, watch whether ESE sustains its bid or if outflows resume across other growth sectors, which would signal a potential pause or reversal in the current flow pattern.