According to BofA research, this month has seen very large outflows from funds investing in developed markets stocks. Previous large outflows have occurred during the Covid-crash in March 2020 and in the December 2018 crash. In each instance, these have been indicators of capitulation and when investors' sentiment starts turning positive. Amid the uncertainty of where markets are headed, will investors continue reducing risk in their portfolio or will this be remembered as another buying opportunity? Sector rotation has been very strong this month with new tech, high-growth & software largely underperforming the rest of the market.