BofA Securities Equity Client Flow Trends: Biggest buying week by retail clients in over a year

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BofA Securities Equity Client Flow Trends: Biggest buying week by retail clients in over a year

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BofA Securities Equity Client Flow Trends

Biggest buying week by retail clients in

over a year

Retail- and ETF-driven inflows week 21 July 2026

• 3rd week of inflows: Last week (S&P 500 -1.6%), clients were net buyers of US Equity and Quant Strategy

equities for the 3rd straight week. Inflows were modest, as equity ETF inflows United States

($3.4bn) were nearly offset by single stock outflows ($3.1bn).

• Buying was driven by retail clients, who had their biggest buying week since

May ’25 (Exhibit 3) with inflows into both stocks & ETFs. Institutional clients bought

equities for the 3rd straight week (but entirely ETF-driven) while hedge fund clients

sold equities for the 2nd straight week (as single stock selling offset ETF buying).

• Small cap flow momentum: Clients bought small/micro cap equities (with flows Jill Carey Hall, CFA

into both stocks and ETFs); rolling 4-week average flows into this size segment are EquityBofAS & Quant Strategist

at a record high. Clients sold large/mid cap stocks but bought ETFs in both size +1 646 855 3327

jill.carey@bofa.com

segments.

Trey Brown

Equity & Quant Strategist

• Corporate client buybacks picked up last week, but were below the historical BofAS

avg. for Week 1 of earnings season when normalized by mkt. cap. YTD, annualized +1 646 855 2689

harold.brown2@bofa.com

buybacks by clients are slightly below full-year ‘25 levels and below ‘24 records, but

above 2016-23 levels.

Exhibit 1: Institutional clients are the

Large Tech and Comm. Svcs. outflows biggest net sellers post-crisis

• Clients sold stocks in 7 of 11 sectors, led by Tech (1st outflows in 3 weeks) and Cumulative flows ($ bn) by client type, February

Comm.