Flows are rotating into FRSH while MGY weakens

🇺🇸 Equities are seeing a clear flow reversal with inflows surpassing outflows for the first time in the session, but caution remains. The bulk of the activity is concentrated in a handful of themes, with $FRSH (Freshworks Inc.) dominating the inflow at +$68M and MGY leading the outflows at -$28M. This indicates a shift towards more selective buying, but the overall net remains fragile amid persistent outflows. The dominant move centers on the FRSH theme, which is attracting broad interest, while MGY continues to shed capital. The top inflow confirms a pivot to risk appetite in certain pockets, but the concentrated nature of the flows signals underlying caution. Next, watch whether the FRSH theme sustains its momentum or if broad market participation resumes, which would be necessary to confirm a more meaningful shift.