Flows are rotating into INF.L while AZN.L weakens

🇪🇺 Equity flows are shifting sharply from large pharmaceutical names to tech infrastructure, signaling a possible rotation but with caution. Today’s snapshot shows seven outflows versus just one inflow, with $AZN-L leading the exit at over $6.2 billion. Meanwhile, INF-L is the only theme to confirm a solid inflow of nearly $4 billion, suggesting a reallocation away from pharma into tech infrastructure. This divergence underscores a cautious move away from broad sector exposure, with the flow pattern concentrated in a few key themes. The critical next step is to see if INF-L’s inflow sustains and spreads across other tech-related clusters or remains isolated. A broad confirmation would suggest a more durable shift, while a narrow move keeps the risk of a quick reversal intact.