Equities
- Continued inflows into:
- Mega-cap tech
- Energy sector
- Outflows from small caps and cyclicals
Fixed Income
- Preference for short duration
- Limited appetite for extending duration
Commodities
- Oil positioning becoming increasingly crowded
- Gold held as a defensive allocation (not aggressive)
Interpretation
➡️ Investors are:
Reallocating, not increasing risk
➡️ Market is:
Flow-driven, not conviction-driven