Bank of America said its hedge fund clients raised their buying of U.S. equities to the highest level since 2008 in the week ended Aug. 7, after purchasing shares at a near-record pace the previous week. In a research note led by strategist Jill Carey Hall, the bank said clients were net buyers of U.S. stocks for a sixth straight week. The flows showed a split between vehicles: clients put $4.1 billion into ETFs while pulling $2.4 billion from single stocks. Over the same period, institutional and retail clients were both net sellers, while corporate clients stepped up buybacks. Sector positioning was also uneven. Clients sold seven of the 11 sectors, with industrials posting the largest outflows. Technology, by contrast, logged the second-largest weekly inflow on record. The figures were cited by Bloomberg and reflect a market where broad equity exposure through ETFs continued to attract demand even as stock-specific exposure was reduced.
Bank of America said its hedge fund clients lifted their purchases of U.S. equities to the highest level since 2008 in the week ended Aug. 7, following a previous week in which they had already bought shares at a near-record pace.
In a research note led by strategist Jill Carey Hall, the bank said clients were net buyers of U.S. stocks for a sixth consecutive week. The flow breakdown showed $4.1 billion going into exchange-traded funds, while $2.4 billion was withdrawn from individual stocks.
During the same week, institutional and retail clients were both net sellers. Corporate clients, meanwhile, accelerated share buybacks.
Sector flows were mixed. Clients sold seven of the 11 sectors, with industrials recording the largest outflows. Technology stocks stood out on the other side, posting the second-largest weekly inflow on record.
The report was cited by Bloomberg.
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