BofA - The Flow Show Record Flows...Cash, USTs, TIPS and Value-231222

AccessibleversionTheFlowShowRecordFlows…Cash,USTs,TIPS&ValueTheFlowShowwillreturnonJanuary4th,2024.HappyNewYear!21December2023ScoresontheDoors:crypto127.9%,stocks19.7%,HYbonds10.4%,gold8.5%,IGInvestmentStrategybonds7.3%,cash4.7%,govbonds1.0%,USdollar-0.6%,commd-6.2%,oil-13.4%YTD.GlobalFlowsin2023:record$1.3tninflowtocash(Chart4),record$177bntoUSTs(Chart5),$162bntoIGbonds,$152bntoglobalstocks(Chart6),$125bntoUSlargecap,$44bntotechvs.record$33bnredemptionsfromTIPS,$37bnfromEMdebt&record$73bnredemptionsfromUSvaluefunds.WeeklyFlows:outflowsacrosstheboardfromgold($0.3bn),bonds($2.1bn),stocks($21.3bn),andcash($26.1bn).FlowstoKnow:3rdweekofTreasuryoutflows($9.2bn),longeststreaksinceFeb’21;largestequityoutflowsinceDec’22;largesttechoutflowin15weeks($0.7bn).BofAPrivateClients:$3.3tnAUM…60.1%stocks,21.4%bonds,11.8%cash;largestMichaelHartnettweeklyinflowtoequitiessinceDec’21(incontrasttoEPFRdata)…GWIMequityInvestmentStrategistallocationbackabove60%;privateclientbuyingofHYETFsvs.sellingoflow-vol,TIPS,BofAS&EMdebtETFspast4weeks.+16468551508michael.hartnett@bofa.comBofABull&BearIndicator:upto5.0from4.7,highestsinceDec'21,largest4-weekjump(1.7to5.0)sinceApr'16,drivenbybigHYinflows,credittechnicals&strongequityElyasGalou>>marketbreadth(78%equityindicesnowtradingabove50dma&200dma…bigreversalInvestmentStrategistfromOct3...