BofA Securities Equity Client Flow Trends: Big Tech inflows during sector rally

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BofA Securities Equity Client Flow Trends: Big Tech inflows during sector rally

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BofA Securities Equity Client Flow Trends

Big Tech inflows during sector rally

Another ETF-driven buying week for US equities 12 May 2026

• 2nd week of buying: Last week (S&P 500 +2.3%, hitting another record high), Equity and Quant Strategy

clients were net buyers of US equities for the 2nd week, led by equity ETF inflows United States

($3.8bn, following the prior week’s record $6.8bn inflows) plus a second week of

small single stock inflows ($0.5bn).

• Buying led by institutional clients for the 2nd week. Hedge funds bought equities

for the 5th week. Private clients sold equities after 2 weeks of buying. Large caps

were the only size segment to see inflows (2nd week of inflows).

• Buybacks by corp. clients slightly accelerated wk/wk, but as a % of market cap

Jill Carey Hall, CFA

were still tracking been tracking below the post-GFC avg. for comparable seasonal Equity & Quant Strategist

weeks (which has been true most weeks YTD). Buybacks as a % of market cap have BofAS

+1 646 855 3327

slowed most notably in Tech vs. picked up in Fins. & Energy YTD. jill.carey@bofa.com

Clients sell Health Care, buy Tech stocks TreyEquityBrown& Quant Strategist

• Clients were big buyers of Tech stocks (largest since mid-March), with Tech on BofAS +1 646 855 2689

track to post 50%+ YoY 1Q earnings growth (4% above expectations on Apr. 1; see harold.brown2@bofa.com

Earnings Tracker report).

• Financials saw the next largest inflows, its 2nd week of buying after outflows Exhibit 1: Institutional clients are the

most weeks YTD. biggest net sellers post-crisis

Cumulative flows ($ bn) by client type, February• Health Care saw the biggest outflows (outflows in 6 of the past 7 weeks),

2008-present