2023-07-18 10:44:55 ET
Bank of America's equity and quant strategy team stated on Tuesday morning that for the third consecutive week the bank noticed that client equity flows were overall positive.
The financial institution highlighted that single stocks and exchange traded funds observed net inflows in the previous week in which the S&P 500 ( SP500 ) ended +2.4% . In total, BofA clients were net buyers of U.S. equities that amounted to $3B.
For the week, BofA said that hedge funds were the leaders in the buying activity while institutional clients were also buyers after they were net sellers in the week before.
Inflows were also seen across large- and small-cap names while mid-caps saw outflows. Clients purchased stocks in five of the 11 S&P sectors which were led by Communication Services and Real Estate. On the flipside, the Consumer Discretionary space noticed the most significant sector outflows which were followed by Industrials and Health Care.
From an exchange traded fund vantagepoint, BofA’s clients were purchasers across large-cap, small-cap, mid-cap, and broad market funds. From a sector standpoint, net buying activity was concentrated in just four sectors which was led by Health Care ETFs ( NYSEARCA: XLV ) ( NYSEARCA: VHT ). In reverse, Info Tech ETFs ( NYSEARCA: XLK ) ( NYSEARCA: VGT ) experienced the largest amount of capital retractions on the week by the bank’s clients.
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BofA experiences its third consecutive week of equity inflows by its clients