BofA Securities Equity Client Flow Trends: Clients sell stocks (but were back to buying TMT)

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BofA Securities Equity Client Flow Trends: Clients sell stocks (but were back to buying TMT)

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BofA Securities Equity Client Flow Trends

Clients sell stocks (but were back to buying

TMT)

Institutional clients led another week of selling 16 June 2026

• Single stock driven outflows: Last week (S&P 500 +0.6%), clients were net Equity and Quant Strategy

sellers of US equities, driven by single stock outflows ($2.8bn). They bought equity United States

ETFs ($0.6bn) for the 12th straight week.

• Selling was driven by institutional clients for the 2nd straight week, and private

clients also sold equities (for the 4th straight week). Hedge funds were big net

buyers (net flows in the 98th percentile since ’08).

• Clients sold large/mid caps but bought small caps, whose 4-wk. avg. net stock

+ ETF flows have flipped positive for the 1st time since late April.

Jill Carey Hall, CFA

• Corporate client buybacks slowed for a 3rd week, though the rolling 4-wk. avg. Equity & Quant Strategist

BofAS

rose to its highest level since late March. YTD, annualized buybacks by clients are +1 646 855 3327

slightly below full-year ‘25 levels and below ‘24 records, but above 2016-23 levels. jill.carey@bofa.com

Trey Brown

Equity & Quant StrategistHealth Care/Financials led outflows; back to TMT inflows BofAS

• Clients sold stocks in 7 of 11 sectors, led by Health Care and Financials, +1 646 855 2689

which have seen outflows for the 3rd and 4th consecutive weeks, respectively. harold.brown2@bofa.com

• Tech stocks saw the biggest inflows after record outflows the prior week, and

Comm. Services stocks saw inflows for the 1st time in 6 weeks. Real Estate has the Exhibit 1: Institutional clients are the

longest recent buying streak (7 straight weeks). biggest net sellers post-crisis