杰富瑞每周资金流向——黄金ETF和高收益债券资金流入增加，小盘股出现些许兴趣

USA | Equity Strategy JEF's Weekly Flows—More Inflows to GLD &HYD, Some Glimmer of Interest in Small STRATEGY NOTE Modest pick-up in flows into Equities with Large Core taking in money, whileSmall saw inflow, the QQQ an outflow. The inflow to Total Market is still belowaverage, however. Comm Serv remained the sector of choice, but Mat'ls hadchunky inflow which could have been rebalancing. Health Care is still out offavor with another modest withdrawal from Tech. Momentum flows cooleddown, whereas HY saw a smaller inflow, but inflow nevertheless; GLD took inmore money. Steven G. DeSanctis, CFA * | Equity Strategist(212) 284-2056 | sdesanctis@jefferies.com Jane Gibbons * | Equity Associate(212) 778-8657 | jgibbons1@jefferies.com What's Hot & What's Not: What's Hot:More ETFs fit this bill over the last week with an inflow to overall equities of about $6B.Large Core took in money with big differences between its ETFs, Total Market inflow was weaker thannormal, but an inflow nevertheless, while Small took in $1.5B. Comm Services has been the sectorof choice for quite some time, but Materials had a large inflow which could have been driven by arebalancing. High Yield saw weaker inflows along with Momentum, while investors liked the shine ofthe GLD. What's Not:We still saw 60% of the ETFs we track see outflows on the week with the QQQ seeing over$2B come out. The factor ETFs we track have not gained much traction this year, nor has Health Careor Biotech. Inside of credit, Investment Grade had a withdrawal. More outflows from Mid Value. Inflows to the Total Market have been weak of late and are now running atlast year's level. The QQQ had $2.3B in outflows on the week after seeing strong interestrecently. Flows to the GLD have picked up once again with $6.7B coming in YTD. Fixed Income flows: Investment Grade saw another outflow. High Yield inflows cooled a bit, but the category did see money come innevertheless. A look across sectors using the rolling 20-day average flows: We are now looking at the rolling 20-day flows for each of the GIC sectors, along with Biotech, to detect changes in sentiment around groups.Weare trying to capture what's hot and what's not. The inflows to Comm Services are near record highs, and we think things needto cool. Energy saw an inflow which put the rolling 20-day above average. Health Care is now the sector most out of favor. Tech flows remained weak. Utilities have lost traction with investors recently. Analyst Certification: I, Steven G. DeSanctis, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Jane Gibbons, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 14, 2025 20:33 P.M.Recommendation DistributedJune 14, 2025 20:33 P.M. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yi