[Analysis of Institutional Fund Flow Patterns During Geopolitical Conflicts] Felix Prehn analyzed the three-phase pattern of institutional fund flows during the Gulf War, Iraq War, and Russia-Ukraine War: the shock phase where retail investors panic sell, the repricing phase where the market calmly reassesses, and the rotation phase where funds flow into benefiting sectors. Institutional funds tend to focus on energy infrastructure, long-term defense contracts, gold, and companies with pricing power, while utility and real estate sectors typically underperform. Investors are advised to avoid panic selling or chasing gains, pay attention to fund flows, and adjust their portfolios accordingly.