Flows are rotating into South Korean Refining Focus while South Korean Diversified Cohort weakens

🇪🇺 A clear shift from broad outflows to targeted inflows underscores a cautious pause in the market, with a notable focus on South Korean refining assets. While 17 themes are exiting, only three are seeing inflows, led by the South Korean refining focus with a $14.7 billion bid. The largest outflow remains from the diversified cohort, which dumped nearly $579 billion, signaling a significant retreat from broader South Korean exposure. This divergence suggests traders are selectively rebalancing, favoring refining over diversified holdings. The next move hinges on whether inflows into refining sustain or fade, confirming whether this is a genuine rotation or a temporary tactical pause. Watch for continued inflow strength in $010950-KS - if it persists, it could mark a shift towards more defensive positioning within the Korean market.