BofA clients sell into strength
SPY•BofA clients were net sellers of U.S. equities last week as the S&P 500 gained 1.2%. Single-stock outflows totaled $5.7 billion, while equity ETFs drew $0.7 billion in inflows.
1. Clients sell stocks
BofA clients sold stocks across large-, mid- and small-cap segments. Institutions led the selling after buying the prior week, while retail investors extended their net-selling streak to nine weeks. Hedge funds were net buyers for a second consecutive week.
2. Sector flows diverge
Clients sold stocks in eight of the 11 S&P 500 sectors. Consumer discretionary had its second-largest weekly outflow in BofA’s data dating to 2008, while financials saw their biggest exodus since June. Technology, consumer staples and communication services attracted inflows. Clients bought growth and value ETFs and added exposure across market-cap segments, while trimming blend funds.
