Equity Client Flow Trends

Institutional clients continue to drive outflows from US equities, with record single-stock selling, while small-cap equities buck the trend with inflows. Technology remains the most heavily sold sector.

Key Takeaways

• 1.Institutional clients were net sellers of US equities for the 4th consecutive week, primarily driven by single stock outflows.
• 2.Small and micro cap equities saw record inflows, diverging from the broader market outflows.
• 3.Corporate buyback activity has continued to decelerate from peak levels seen in 2024 and March 2025.

Table of Contents

• Institutional clients sold stocks for the 4th week
• Outflows led by Tech
• ETFs: Value over Growth/Tech
• 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
• Equity ETF flows: z-scores (3m and 1yr)
• Equity ETFs: 4-week average flows by sector
• Equity ETFs: 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
• BofA Equity Client Flow Trends Methodology
• Important Disclosures

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