Equity Client Flow Trends

Last week, BofA clients were net buyers of $3.3bn in US equities, led by institutional investors and a significant 44% YoY recovery in corporate buybacks. Buying was concentrated in cyclicals like Industrials, while defensives like Health Care faced outflows.

Key Takeaways

• 1.BofA clients were net buyers of US equities last week ($3.3bn), with buying spanning both single stocks and ETFs.
• 2.Institutional clients led the buying, marking their fifth consecutive week of equity inflows, while hedge funds and retail clients were net sellers.
• 3.Corporate buybacks increased 44% YoY on a 4-week average basis, representing the first year-over-year increase since early 2025.

Table of Contents

• Institutional client-driven buying week
• Clients bought Industrials, sold defensives (HC/Staples)
• ETFs: Growth>Value; big Discretionary ETF inflows
• Cumulative flows by year
• Weekly flows by client, sector, & size
• Corporate client buybacks
• ETF flow color
• Rolling four-week average trends by sector (single stock)
• Rolling four-week average trends by client type
• Rolling four-week average trends by market cap
• ETF flows: z-scores (3m and 1yr)
• Equity ETF flows: 4-week average flows by sector
• Equity ETF flows: 4-week average flows by strategy
• Equity ETFs: 4-week average flows by market cap
• Cumulative equity sector flows: single stock vs. ETF
• Cumulative Equity ETF flows by Size and Style
• Addendum: Institutional flow: broker-dealer vs. other
• Appendix

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