BofA clients' equity ETF outflow was biggest since January 2023
Main U.S. indexes red; Nasdaq off most , down ~0.9%
Energy weakest S&P 500 sector; Real Estate leads gainers
Euro STOXX 600 index down ~0.7%
Dollar, bitcoin ~flat; gold gains; crude slides >5%
U.S. 10-Year Treasury yield dips to ~4.04%
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BOFA CLIENTS' EQUITY ETF OUTFLOW WAS BIGGEST SINCE JANUARY 2023
Clients were sellers of U.S. equities last week, BofA Securities equity and quant strategist Jill Carey Hall says in her latest report on equity client flows.
According to Hall, in a week where the S&P 500 index .SPX advanced more than 1%, and gained for a fifth straight week, client net selling of U.S. equities amounted to -$2.4B.
"Clients sold ETFs but bought single stocks. Outflows were seen solely in large caps; small and mid caps saw inflows," writes Hall in her note.
She adds that hedge fund, institutional and retail clients were all net sellers. The former two were both sellers for a third week in a row, while private clients were sellers after buying the week before.
Hall noted that buybacks remain robust. In fact, she says that trailing 52-week buybacks as a percentage of S&P 500 market cap are at a record high.
Equity ETFs saw their largest outflow since January 2023. Clients sold ETFs across major styles (blend/growth/value). In terms of size, clients sold large cap ETFs vs. bought small/mid cap (plus broad market) ETFs.
Six of the 11 sectors saw ETF outflows, led by energy (second largest outflows in history since 2017), tech (largest outflows since April) and healthcare (third largest outflows in history).
Meanwhile, consumer discretionary ETFs saw the largest outflows.
(Terence Gabriel)
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