Flows are rotating into SAF.PA while Energy Transition & Infrastructure weakens

🇪🇺 Equities flow has shifted sharply toward inflows, with 24 clusters actively buying versus only 12 selling, signaling a broadening buying appetite. The most striking movement is in SAF.PA, which attracted a robust +$135M, confirming strong institutional conviction behind the theme. Meanwhile, the energy transition and infrastructure sector saw the largest outflow with $VER-VI shedding $16M, indicating some profit-taking or caution amid the broader enthusiasm. This divergence underscores a key dynamic: while momentum is broadening in cyclicals and consumer-related themes, some energy exposure is still being trimmed. The next key test is whether inflows into SAF.PA sustain or if the market begins to see a more balanced distribution of activity. Watch for signs that the inflow momentum in SAF.PA consolidates or if outflows reassert, which will clarify whether the shift is a true market-wide change or a temporary rotation.