Flows are rotating into ASB.AX while Cross-Sector Resource & Industrial Metals weakens

🇯🇵 A clear flow shift is underway as inflows outpace outflows in equities, but the dominant activity remains concentrated in a small cluster. The market saw three inflows led by $ASB-AX with +$5M into the Australian Cross-Sector Cohort, while two outflows, including CIA-AX with -$13M, continue to weigh on the broader resource and industrial metals theme. Despite some fresh buying, the overall picture is still one of selective conviction rather than widespread strength. The key takeaway is that the biggest flow remains focused on a single leader in the resource sector, with other inflows limited and outflows still significant in the same theme. The confirmation test will be whether ASB-AX sustains its inflow and whether other sectors begin to broaden participation. For now, the market's directional bias hinges on whether this narrow inflow can extend beyond the top names or if the resource theme continues to dominate at the expense of diversification.