XLK - BofA observed its largest week of client inflows since mid-June

2023-08-22 15:00:37 ET

Bank of America's global research team noted on Tuesday that its clients injected the largest amount of weekly capital towards U.S. equities since mid-June as they were net buyers, totaling $4.4B.

During last week in which the S&P 500 ( SP500 ) declined by 2.1% , BofA institutional and hedge fund clients were overall buyers for a second consecutive week, while retail clients were net sellers for the second straight week.

The financial institution highlighted that clients purchased both large and small cap names and were buyers of equity stocks in eight of the 11 S&P sectors which was led by Health Care. At the same time, Financials observed their sixth consecutive week of positive inflows, while Industrials experienced the most significant amount of outflows.

From an exchange traded fund vantagepoint, broad market equity funds across blended, growth, and value styles and across all segment sizes except for mid-caps noticed a second consecutive week of inflows. While exchange traded funds were able to attract capital as a whole on the week, most sectors noticed overall outflows.

The sector that suffered the largest amount of capital retractions were Energy ETFs ( NYSEARCA: XLE ) ( VDE ), followed by Info Tech ETFs ( NYSEARCA: XLK ) ( VGT ) and Financial ETFs ( NYSEARCA: XLF ) ( VFH ).

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