Flows are rotating into FCIT.L while DLN.L weakens

🇪🇺 A clear flow shift is unfolding, with inflows into defensive and consumer themes sharply outweighing outflows from cyclics like DLN. The market's dominant move is now toward stability rather than risk-on, but this pivot warrants caution given the underlying outflows from key cyclic themes. Flow data shows $FCIT-L$ attracting a robust +$602M, confirming a shift into defensive positioning, while DLN-L$ saw a hefty -$909M exit. The broad-based outflows from SPX and transport themes reinforce a cautious tone, even as other sectors hold steady. The next test will be whether this defensive gravitation sustains or reverses as market sentiment evolves.