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Buckle Up 25 September 2025 Scores on the Doors: gold 41.3%, international stocks 24.7%, bitcoin 17.7%, US stocks12.3%, HY bonds 9.7%, IG bonds 9.6%, govt bonds 7.0%, commodities 6.1%, cash 3.2%,US dollar -9.2%, oil -9.8% YTD. Investment StrategyGlobal The Price is Right:168 rate cuts past 12 months (Chart 5), big liquidity, big drop US$,big gains gold, crypto, stocks; but strong US data says macro don’t need 2 Fed cuts byyear-end…US$, yields, oil up…healthy correction stocks, crypto, gold so long as nodisorderly unwind of consensus“short US$”trade (don’t want jump in DXY >102). Tale of the Tape: 2020s decade of higher inflation & rates…why extreme 25/25/25/25stocks/bonds/cash/gold portfolio outperforming 60-40 portfolio YTD (16% vs 10%),pacing 60-40 decade-to-date (9% annualized returns–Table 1 & Chart 3). Michael HartnettInvestment StrategistBofAS+1 646 855 1508michael.hartnett@bofa.com The Biggest Picture: precious metals bull (silver up 56% YTD) driven by inflationary2020s policies (govt intervention, Fed independence, isolationism, immigration,indebtedness…), US$ debasement risk, return of bull market in“war”(US-China, EU-Russia); gold tactically“overbought”(Chart 2) but structurally“under-owned”(gold =0.4% of private client AUM, 2.4% of institutional AUM); we stay long. Elyas Galou>>Investment StrategistBofASE (France)+33 1 8770 0087elyas.galou@bofa.com Anya ShelekhinInvestment StrategistBofAS+1 646 855 3753anya.shelekhin@bofa.com Gold price % deviation from 200-day moving average Myung-Jee JungInvestment StrategistBofAS+1 646 855 0389myung-jee.jung@bofa.com More on page 2… Source:BofA Global Investment Strategy The indicatoridentified above as the BofA Bull & Bear Indicator isintended to be an indicative metric only and may not beused for reference purposes or as a measure ofperformance for any financial instrument or contract, orotherwise relied upon by third parties for any otherpurpose, without the prior written consent of BofAGlobal Research. This indicator was not created to act asa benchmark.BofA GLOBAL RESEARCH Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 10 to 12.12879483 Timestamp: 25 September 2025 10:34PM EDT Weekly Flows: $24.7bn to bonds, $21.3bn to cash, $19.6bn to stocks, $5.6bn to gold,$0.6bn to crypto. Flows to Know: •Gold: $17.6bn…record 4-week inflows;•IG bonds: $11.2bn inflow…22ndweek of inflows;•Global equities: $88bn inflow past 2 weeks, 3rdhighest ever;•Global equity ETFs: $122bn inflow past 2 weeks, 2ndbiggest inflow on record(biggest was Dec'24);•Europe equities: $2.1bn inflow…biggest since Jun’25. Passive vs. Active: since 2010 $6.1tn inflows to global equity ETFs vs $3.1tn outflowsfrom long-only equity funds (Chart 8); since 2010…$2.4bn inflows to global bond ETFsvs. $1.4bn inflows to long-only bond funds (Chart 9). BofA Private Clients:$4.2tn AUM…64.8% stocks (highest since Mar’22), 17.9% bonds(lowest since May’22), 10.4% cash (lowest since Sep’18); under-the-hood…Magnificent 7= 16.3% of GWIM AUM in contrast to international stocks 3.9%, US Treasuries (durationmore than 2 years) 4.3%, gold 0.4%; past 4 weeks, private clients buying EM debt,municipals, gold ETFs, selling healthcare, energy, staples ETFs. BofA Bull & Bear Indicator: up to 6.2 from 6.0 on EM equity inflows, strong credittechnicals, offset by bear hedge fund positions (long 2-year UST, short oil futures);positioning bullish, not yet extreme bullish. BofA Global Breadth Rule:69% of MSCI ACWI country stock indices trading above 50-and 200-day moving averages, down from extreme overbought 87% in past week. October event risk: Oct 3rdUS payrolls, 4thJapan LDP leadership election, 5thOPEC, 14thJPM Q3 EPS, 15thUS CPI, 29thFOMC, 30thBoJ, 31stAPEC (Trump-Xi), plus China plenum. Rates & Risk: •168 rate cuts past 12 months (Chart 5), bullish gold, crypto, stocks, themes(uranium, defense, rare earths, AI, blockchain…Table 2);•105 rate cuts in EM, 64 in EAFE, 4 by Fed…juice for global rebalancing theme, whyUS tech equity leadership been outpaced YTD by EU banks (79% YTD), China tech(48%), Japan banks (32%);•recent strong US macro data (e.g. mortgage refis, new home sales @ 3-year high)not screaming for 2 cuts by year-end, easy financial conditions no longer gettingeasier (US$, yields, oil up) so froth in gold/crypto/stocks/themes (see flows) getstaken out…healthy correction price action;•most imp new metric of risk, tech credit spreads (CITE index) well-behaved (spreadsat18-year lows…investors still willing to fund AI