Flows are rotating into VOE.VI while Cross-Sector Defensive Cohort weakens

🇪🇺 The market is shifting toward broad inflows into defensive themes, but the dominant flow remains a significant exit from the Cross-Sector Defensive Cohort, led by $SHB-A-ST with a $56.79 billion outflow. While VOE-VI attracted a $28.07 billion inflow, the overall outflow count exceeds inflows, signaling cautious positioning despite some pockets of participation. The largest outflow continues to target defensive sectors, raising a warning that risk appetite remains limited. Confirming this, the inflow into VOE-VI and the defensive cohort leaders suggests some traders are seeking safety, but the persistent net outflow indicates underlying fears. Next, watch whether the outflows from the defensive sectors slow or if inflows into cyclicals and risk-on themes gain traction, which could mark a more meaningful shift.