Thematic investors are rotating decisively back into semiconductors, grid infrastructure, and selective innovation while fading gold, miners, and legacy energy. The 1-week tape is no longer just hedging war risk; it is repositioning for AI demand, power bottlenecks, and selective cyclicality.
Since late March, falling Treasury yields have reflected more than softer macro expectations. ETF flows show investors already rotating for easier policy, favoring semiconductors, dividends, infrastructure, and selective real assets, while that very equity rotation may eventually limit how far yields decline.
Factor Friday: Interest Rates in Focus as Factor Leadership is in Potential Transition Read More »
Stagflation signals from March PMIs—business activity at an 11-month low, selling prices rising at the fastest clip since August 2022—favor sectors with pricing power. Energy, utilities, and staples lead defensively, while software remains vulnerable to AI disruption repricing.
Investors are rotating toward energy cash flows, biotech catalysts, and AI infrastructure while funding positions through outflows in broad index ETFs and precious metals, reflecting a shift toward resilience as elevated oil prices and rising yields pressure demand-sensitive and rate-exposed sectors.
Thematic Thursday — Sector Positioning Under Macro Stress Read More »
January 22, 2026 We’ve built out a database of 382 of the most liquid, US domiciled ETFs across a broad range of thematic categories. This week, we’re using that resource to analyze thematic fund flow trends over the past 1, 3 and 6-month periods. The past six months have underscored how thematic ETF leadership is
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