Flows are rotating into PRY.MI while STAN.L weakens

🇪🇺 A sharp flow reversal is underway with $PRY-MI attracting a record $22.48B in inflows while STAN-L exits with a $20.06B flow, signaling a clear shift from defensive to growth-oriented themes. The market is moving away from the large-scale exit in STAN.L, which had dominated earlier, toward a renewed bid for premium assets like Prysmian, reflecting a risk-on tilt. This flip-flop in flow patterns suggests traders are recalibrating their bets after a period of defensive positioning. The flow shift is confirmed by the narrow cluster of active themes - just 37 outflows versus 30 inflows - highlighting a concentrated move rather than broad-based conviction. The key driver remains Prysmian, with the largest inflow, while the largest outflow in STAN.L confirms a decisive change in market sentiment. Next, watch if flow momentum sustains in Prysmian and whether other growth themes follow suit, which could signal a more sustained rotation.