In its latest equity client flow trends note, analysts at BofA Securities noted that last week, clients were net sellers of US equities driven by single stocks.
Most sectors saw outflows (eight out of 11), led by consumer discretionary and financials, while the communications services buying streak came to an end with the first outflows in 22 weeks.
However, technology staples and real estate saw inflows. "Staples inflows were the fifth-largest in our data history since '08. Real Estate flows were positive for the first week since mid-Feb," revealed BofA. ETFs also saw inflows.
The bank said that all major client groups were sellers, excluding corporate clients (where flows are always positive (buybacks)). "All three client groups were net sellers of US equities for a second week in a row - private clients for the eighth consecutive week, hedge funds for the fourth, and institutional clients for the second," added BofA.
"SMID caps both saw inflows for a second week while large caps saw outflows for the first time since early Feb."