April was an interesting month for flows with Autos and Banks catching the eye thematic wise. Hedge Funds saw significant buying interest in Autos on the back of the VOW/VOW3 spread widening and generally positive results. This came at the expense of Tech, which suffered on the back of a mixed earnings and toppy valuations. Turning to Institutions, the flow was mainly focussed on Apparel names being bought and profit being taken in the Banks.
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