We can certainly see some movement on this week's thematic table as equity markets have extended their decline.
The basic summary here is that high beta and growth have dropped on the list; examples of this include the Ark speculative growth funds and crypto stocks.
In addition to this, it's to no one's surprise that low volatility stocks have climbed to green territory on the rankings. These stocks outperform during market corrections and this is another example of that.
Extending on the speculative growth theme, Chinese equities (and international equities more broadly) have been a strong area of outperformance as money has rotated out of the United States and into international equity.
However, a scenario we're considering is if we see an oversold bounce in the coming weeks whether this money flow will reverse and funds will rotate out of international as a source of funds back into the U.S.
Pictured below is China $FXI hitting a significant level of resistance; we'd be surprised to not see some level of digestion here as this theme takes a well deserved pause.
