Flows are rotating into FRSH while ESE weakens

🇺🇸 Equities saw a notable shift with outflows outpacing inflows, signaling a cautious tone despite some pockets of buying. The market faced a net outflow of 146 clusters versus 128 inflows, with the largest exit concentrated in $ESE (ESCO Technologies Inc.), which shed $220M. Meanwhile, the best bid emerged from FRSH, which attracted $46M, confirming a defensive tilt within the broader flow pattern. This divergence underscores a risk-off environment where broad participation is waning, but select themes like FRSH are still drawing fresh money. The key test now is whether FRSH's inflow sustains or if the market resumes its broad-based decline. Watch for shifts in flow concentration around ESE and the resilience of FRSH, as these will clarify whether the current cautious stance is a pause or the start of a deeper correction.