Flows are rotating into FRSH while AIR weakens

🇺🇸 A notable shift in flow signals a cautious tilt, with outflows outpacing inflows for the first time in several sessions. The market shows signs of profit-taking, especially in the $AIR (AAR Corp.) theme, which saw the largest exit of $16M. Meanwhile, fresh buying is concentrated in the FRSH theme, with a solid +$40M bid, suggesting some traders are repositioning toward more defensive or less volatile names. This divergence underscores a potential pause or rotation, with traders trimming exposure in high-profile names like AIR while increasing positions in more stable themes such as FRSH. The next step is to see if this inflow in FRSH sustains or if broader market participation widens beyond these leaders, which could signal a more meaningful shift in market tone.