LIVE MARKETS-BofA clients get in gear with industrials
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BOFA CLIENTS GET IN GEAR WITH INDUSTRIALS
BofA Securities equity and quant strategist Jill Carey Hall says that last week, with the S&P 500 index .SPX adding 0.6%, clients were net buyers of U.S. equities (+$1.8 billion) after selling in the prior three weeks.
Clients snapped up single stocks for the first time in four weeks and continued to buy ETFs for the 13th straight week. Large/mid/small caps all garnered inflows.
"Private clients were the biggest buyers out of the three major client groups, with inflows in 30 of the last 32 weeks. Hedge funds were also buyers for the second straight week, while institutional clients were net sellers for the 10th time in 11 weeks," writes Hall in her note.
Clients bought stocks in seven of the 11 GICS sectors. For the second week in a row, clients bought cyclical sectors vs sold defensive groups (in aggregate).
Industrials and financials saw the largest inflows. Hall noted that the rolling two-week inflows into industrials were the second largest in BofA's data history. (Industrials .SPLRCI are the top performing S&P 500 sector so far this year with a more than 14% advance.)
Consumer discretionary suffered the largest outflows.
As for ETFs, Hall says clients bought equity ETFs for a seventh-straight week, with inflows across major styles (blend/value/growth). By size, large/small and broad market ETFs saw inflows, while mid cap ETFs experienced outflows.
Clients bought ETFs in four of the 11 sectors, led by healthcare and consumer discretionary.
Like in the prior two weeks, tech ETFs were hit with the largest outflows.
(Terence Gabriel)
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