BofA_BofA Securities Equity Client Flow Trends_20240108

AccessibleversionBofASecuritiesEquityClientFlowTrendsEarly2024flows:largeETFoutflowsandmutedsinglestockinflowsClientssoldequitiesinthesell-off08January2024•ETFoutflowsandsmallsinglestockinflows:Lastweek(whereS&P500was-EquityandQuantStrategy1.5%),clientswerenetsellersofUSequitiesforthefirsttimeinthreeweeks(-UnitedStates$2.1B,biggestoutflowsinceJuly).OutflowsweredrivenbyETFsasclientsweresmallnetbuyersofsinglestocks.JillCareyHall,CFAEquity&QuantStrategist•No“Janeffect”inretailflowsyet:Allthreeclientgroups(institutions,hedgeBofASfundsandprivateclients)weresellers,ledbyhedgefundclients(seventh+16468553327consecutiveweekofoutflows).Institutionalclientsweresellersforthesecondweekjill.carey@bofa.comandprivateclientsforthethirdweek-typically,retailclientsarebignetbuyersinJan.SavitaSubramanianEquity&QuantStrategist•Corporatebuybacksdecelerated:CorporateclientbuybacksdeceleratedtheBofASpastweekbutaretrackingaboveseasonallevelsforaneighthweekinarow.savita.subramanian@bofa.comBuybacksasapercentageofS&P500marketcap(0.26%)areabove'23highs(0.24%)atthistime.NicolasWoodsEquity&QuantStrategistTechledoutflowsbutComm.Svcs.sawlargeinflowsBofASnicolas.woods_barron@bofa.com•Clientssold6ofthe11GICSsectors:ledbyTech(firstoutflowsinceNov.’23andlargestoutflowsinceJuly’23).Exhibit1:Institutionalclientsarethebiggestnetsellerspost-...