Aug. 11 at 11:55 PM
Bank of America said its clients were net buyers of U.S. equities for a sixth straight week, with hedge fund clients posting their biggest buying week in the firm’s data history since 2008. The buying came as the S&P 500 gained 3.6%, its strongest weekly performance since April.
Equity ETFs attracted
$4.1B of inflows for a seventh consecutive week, while individual stocks saw
$2.4B of outflows for a second straight week. Hedge funds led the buying, recording their ninth-largest weekly purchase on a market-cap-adjusted basis, ranking in the 99th percentile. Institutional and retail clients were net sellers for a second week.
Clients sold individual stocks across most market-cap segments except small caps, but including ETFs they were net buyers of large-cap equities. Corporate buybacks increased but remained below historical averages for the fourth week of earnings season.
$SPX $BAC