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Bank of America’s global research team reported Tuesday that its clients were overall net buyers of equities last week, the sixth consecutive week of inflows. This came even as the S&P 500 (SP500) declined by 1.3%.
BofA noted that its clients were buyers of both single stocks and exchange traded funds.
From an inflow perspective, institutional and retail clients were buyers while hedge fund clients were sellers. However, hedge funds have been cumulative net buyers year-to-date.
For the latest week, clients purchased stocks in six of the 11 S&P sectors, led by the Tech space and was followed by Health Care and Real Estate. At the same time, Communication Services led all other sectors in overall weekly outflows after previously leading the inflow charge in the week prior.
From an exchange traded fund vantage point, BofA clients purchased funds broadly as they bought value funds for an 11th consecutive week and growth funds for a sixth consecutive week. On a sector-by-sector basis, the ETFs that noticed the largest influx of cash were Consumer Staples (XLP) (VDC) ETFs while outflows were led by Tech (XLK) (VGT) and Real Estate (XLRE) (VNQ).
