Flows are rotating into FRSH while ESE weakens

🇺🇸 Equities are seeing a notable flow reversal, with inflows edging outflows for the first time in hours, signaling cautious optimism. The shift is led by $FRSH (Freshworks Inc.), which attracted a $70M bid, while ESE’s $320M exit remains the dominant move, overshadowing the smaller inflows. Overall, flows remain mixed but hint at a potential bottoming, though the heavy outflow from ESE warns against premature bullishness. The key takeaway is the persistent outflow from ESE, which still dominates active flow counts, despite the recent inflow into FRSH. This divergence suggests traders are testing support levels within the theme but remain wary of broader risk. Next, watch whether inflows into FRSH can sustain and expand, or if outflows from ESE resume. Confirmation will come if FRSH maintains its bid and ESE’s outflows slow significantly.