Flows are rotating into ESI while DD weakens

🇺🇸 Equities flow tilted sharply toward risk-on today, but caution is warranted as the shift remains narrowly concentrated. The market saw 115 inflows versus 160 outflows, signaling a tentative reversal but still dominated by a handful of themes. The biggest outflow was from $DD (DuPont de Nemours, Inc.), which shed $49 million; meanwhile, ESI attracted a robust $62 million in fresh bids. This divergence underscores a fragile environment where a few key players drive the narrative. The inflow into ESI confirms its leadership role, but the overall flow pattern remains thin and selective. Next, watch whether ESI can sustain its bid strength or if broader participation begins to broaden the flow base, signaling a more durable shift.