A rush of inflows into European equities and an accompanying exodus from fixed income has thrown further weight behind the long-awaited "Great Rotation" thesis. But far from a high-conviction bull-rush, equity derivatives flows suggest that investors are taking a defensive approach with low-delta strategies that reflect the fear of missing out on any bounce that could follow a resolution between Greece and its creditors. More than US$14bn flowed out of fixed income funds over the past eight weeks, according to European fund flow data from EPFR. Equity funds gained US$11bn over the same period, putting them on course for the biggest yearly inflows on record, noted Bank of America Merrill Lynch analysts, extrapolating year-to-date EPFR data.
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机译：大量资金涌入欧洲股票，以及随之而来的固定收益外逃，使人们对期待已久的“大轮转”理论有了进一步的重视。但是，股票衍生品的流动并没有引起人们的强烈关注，它表明投资者正在采取低三角策略的防御性策略，这反映出人们担心错过任何可能跟随希腊及其债权人之间的决议而出现的反弹的可能性。 EPFR的欧洲资金流量数据显示，过去八周，有超过140亿美元的资金从固定收益资金中流出。美银美林（Bank of America Merrill Lynch）分析师指出，股票基金同期获得了110亿美元的资金流入，创下有史以来最大的年度资金流入记录。
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