Flows are rotating into SALM.OL while Cross-Sector Defensive Cohort weakens

🇪🇺 A clear flow shift is underway with inflows outpacing outflows, but the largest outflow from the Cross-Sector Defensive Cohort raises caution about defensive positioning. Despite 22 inflows compared to 18 outflows, the $ALFA-ST led outflow of nearly $13 billion signals a potential retreat from risk-off trades. Meanwhile, the top bid remains concentrated in the SALM.OL theme, with $28.74 billion flowing into the leader, reinforcing a strong bid for select European equities. The inflow spread suggests traders are still favoring specific growth-oriented names while broadly trimming defensive bets. Next, watch whether the inflow into SALM-OL sustains or if the defensive outflows regain momentum, which could signal a shift back to caution.