Flows are rotating into BLTE while CRM weakens

🇺🇸 Equities flow has shifted sharply from broad participation to a concentrated move out of $CRM (Salesforce, Inc.), with CRM alone accounting for a $123M exit. The market’s underlying tone is weakening as the dominant theme exits intensify, overshadowing the modest inflows into BLTE and OC. The divergence signals a narrowing leadership, raising caution on the durability of the recent rally. The top outflows from CRM, RCI, and NBTB suggest a broad retreat from growth and tech-related themes. Meanwhile, inflows into BLTE and OC remain small but steady, confirming a focus on select names rather than a broad-based bid. The key test now is whether BLTE’s +$30M inflow can sustain or accelerate, or if the market will continue to fragment with leadership concentrated in fewer names.