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Bank of America Securities reported $1.1 billion in US equity inflows last week, marking a tenth consecutive week of buying. Private clients led the charge, with month-to-date inflows surpassing historical January averages as they heavily favored individual stocks over exchange-traded funds (ETFs).
ETFs saw significant outflows, the largest since January last year, even as private clients balanced their purchases between stocks and ETFs. Health Care and Financials stocks were top picks for private investors, with Financials experiencing their highest inflows since March 2023.
Institutional and hedge fund clients showed divergent behavior. Hedge funds remained net sellers for a sixth straight week, while institutional clients made modest net purchases after a week of selling.
Corporate buybacks increased slightly but remained below seasonal norms. Last year, corporate buybacks hit their highest levels since 2010, measured both in dollar terms and as a percentage of S&P 500 market capitalization.
Clients bought stocks across eight of the 11 sectors, with Communication Services and Health Care driving inflows. On the other hand, Consumer Staples, Industrials, and Utilities saw outflows.
In the ETF space, Real Estate and Consumer Discretionary ETFs drew the most inflows, while Financial and Technology ETFs faced notable outflows.
Bank of America's analysis highlights contrasting strategies among private, institutional, and hedge fund clients, reflecting diverse outlooks on market trends as January unfolds.
