Flows are rotating into ASB.AX while Australian Cross-Sector Cohort weakens

🇯🇵 Equities are seeing a notable flow shift with inflows outpacing outflows, but caution is warranted as the largest outflow remains concentrated in the Australian Cross-Sector Cohort, led by $BOQ-AX with a -$1M move. Meanwhile, inflows have strengthened around the ASB-AX theme, with ASB-AX attracting +$7M, supported by BGL-AX (+$4M) and ASK-AX (+$904K). This divergence suggests a partial rotation, but the core outflow from BOQ-AX keeps the overall picture fragile. The dominant flow signals a cautious tilt toward the banking sector, yet the persistent outflow from the broader Australian cohort hints at underlying risk aversion. The key next test is whether inflows into ASB-AX and related themes can sustain or if outflows resume dominance, which would reinforce a risk-off tone. For now, the market remains locked in a tug-of-war, with the leader-driven inflow pattern struggling to offset the deeper sector-wide outflow.