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“Clients bought both stocks and ETFs,” they said. “Both institutional & hedge fund (HF) clients were buyers, led by the former, while retail clients were net sellers. HFs are the only cumulative net buyers YTD.”
Meanwhile, BofA said there was continued small cap flow momentum, with clients buying both large and small caps last week.
“After extreme 1H outflows, small caps have seen inflows the past seven weeks,” the analysts said, adding that they see room for a small cap catch-up rally.
Finally, weekly corporate client buybacks have continued to track below seasonal trends since May, according to the investment bank, despite the fact they even typically pick up during earnings season.
