The Flow Show

The report highlights a rotation away from mega-cap AI tech stocks into small-cap and cyclical assets amid a 'sell' signal from the BofA Bull & Bear indicator. Market sentiment reflects caution as US Treasuries outperform stocks.

Key Takeaways

• 1.Liquidity is shifting from mega-cap AI stocks into cyclicals and small/mid-caps.
• 2.BofA Bull & Bear indicator triggered a sell signal in May 2026 and currently sits at 9.1.
• 3.US equities saw their first outflow in 13 weeks.

Table of Contents

• Asset Class Flows
• Fixed Income Flows
• Equity Flows
• BofA private client flows & allocations
• The Asset Class Quilt of Total Returns
• BofA Rules & Tools
• BofA Bull & Bear Indicator (B&B)
• 2026 Cross-Asset Winners & Losers

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