APT Chart, page-2710

Money doesn't come from a vacuum - people piling into airlines and banks means they have to sell something. APT done exceptionally well. Some punters thinking, "Take profits here and go on to the next big thing" (even if it's not going to be that big - or even big at all!). The flaw in the argument is that APT is still a great business regardless of lockdown or economy opening up. I don't think you're missing anything fundamentally; APT still a great business and still growing; just that some punters are seeing better value elsewhere.