美国股票客户流动趋势：科技股创纪录外流

Record Tech outflows Historic single stock selling, driven byinstitutional clientsRecord stock outflows:Last week (S&P 500 -2.6%, biggest weekly decline since 09 June 2026 •Apr.‘25), clients were record net sellers of US equities, driven by record single stockoutflows ($14.2bn). They bought equity ETFs ($0.3bn) for the 11thstraight week. Equity and Quant StrategyUnited States Selling was driven by institutional clients(biggest outflows since mid-March),after they bought equities the previous 5 weeks. Hedge funds and private clientssold equities as well for the second and third consecutive weeks, respectively. Net •Outflows were entirely in large caps,as clients bought small & mid cap equities. Jill Carey Hall, CFAEquity & Quant StrategistBofAS+1 646 855 3327jill.carey@bofa.com •Corporate client buybacks slowedfor a 2ndweek,though the rolling 4-wk. avg.rose to its highest level since late March. YTD, cumulative corp. client buybacks aretracking slightly below full-year 2025 levels if annualized, and below 2024’s records,but above 2016-2023 levels. As a % of mkt. cap, trailing 52-wk. buybacks are thelowest since late’23.Buybacks by our clients have slowed most notably in Tech vs. Trey BrownEquity & Quant StrategistBofAS+1 646 855 2689harold.brown2@bofa.com BiggestTech outflows everClients sold stocks in 8 of 11 sectors, led by Tech,which saw its largest •outflows in our data history since 2008 (or largest since early 2014 as a % of mkt.cap). Tech outflows were led by institutional clients, but hedge funds and privateclients sold Tech stocks, too. Communication Services stocks also saw outflows (forthe 5thconsecutive week), but outflows were much more muted than Tech outflows. •Industrials, Real Estate and Utilitieswere the only sectors to see inflows.RealEstate has seen inflows for 6 straight weeks. ETFs: Value>Growth; big Health Care ETF inflowsClients bought Value/Blend ETFs vs. sold Growth ETFsand bought ETFs across •most size segments (large/mid/broad market) except small caps.•Clients bought ETFs in 6 of 11 sectors, led by Health Care ETFs(largest ETFinflows since Oct.’21). Tech ETFs saw the biggest outflows, followed by Financials. Exhibit3:Tech net flows as a % of S&P 500 Tech Market capwere the most negativesince Feb. ‘14Weekly Tech net flows as a % of S&P 500 Tech market cap, since 2008 Exhibit2:Hedge funds and institutionalclientsare the biggest net sellers vs privateclients are net buyers over the past 12 mos L12m cumulative flows ($ bn) by client type,June 2025-present Trading ideas and investment strategies discussed herein may give rise to significant risk and arenotsuitable for all investors. Investors should have experience in relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies. BofA Securities does and seeks to do business with issuers covered in its researchreports. 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. Source:BofA Securities BofA Equity Client Flow Trends Exhibit4: Rolling4wk avg.US equityflows(based on single stock+ETF flows)isat-$2.9bnBofA client total net buys of US equities (stocks & ETFs): four-week avg ($ mn) vs. S&P 500, 2008-present Cumulative flows by yearExhibit5: Flows by client group: BofA equity client flows by year (single stocks vs. ETFs) Cumulative net buying (selling) of single stocks and ETFs by client group ($mn) by year (2026 is YTD) BofA GLOBAL RESEARCH Cumulative net buying (selling) of single stocks by GICS sector and of sector ETFs($mn) by year(2026is YTD) Weekly flows by client, sector, & size Exhibit9:Single stocks by GICS sector:Weekly net buying (selling)Last four weeks and rolling average trends, $mn Exhibit8: By sector,Techstockssaw the largestoutflowslast weekBofA client net buying (selling) by GICS sector ($mn) – single stocks only Source:BofA Securities; Note: Real Estate GICS sector was broken out from Fins. beginning8/31/16. Comm. Svcs. based on new sector from 10/1/18 onward & Telecom prior to 10/1/18.BofA GLOBAL RESEARCH Exhibit12:Institutionalclients were the biggest netsellerslast weekBofA client netbuying (selling)by client group ($mn), stocks+equity ETFs Exhibit13: Weekly net buying (selling) by client typeLast four weeks and rolling average trends, $mn Exhibit15:Weekly net buying (selling) by size segmentLast four weeks and rolling average trends, $mn BofA client net buying (selling) by size segment ($mn), stocks+equity ETFs BofA GLOBAL RESEARCH Exhibit16: Client group flows by sector and size segment last weekBofA client net buying (selling) of single stocks and equity ETFs by GICS sector and size segment last week ($mn) Corporate client buybacksWe show aggregated weekly buying of equities from corporate clients based on our corporate buybacks desk, which we ha