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BOFA CLIENTS JUMP INTO ENERGY ETFS

BofA Securities equity and quant strategist Jill Carey Hall says that last week, with the S&P 500 index .SPX dipping 0.4%, clients were net buyers of U.S. equities (+$0.8 billion) after selling the previous week.

"Hedge funds & retail were net buyers, while institutional clients were sellers for the sixth straight week. Hedge funds have been buyers the last three weeks; retail clients have been buyers in 26 of the past 27 weeks (a record buying streak)," writes Hall in her note.

In terms of stock sectors, she says that just tech, energy, healthcare and staples saw inflows.

Consumer discretionary, while ending a seven-week buying steak, saw the biggest outflows. Next in line in terms of outflows were industrials and utilities.

She adds that utilities have been sold the last four weeks, which is the longest recent selling streak. Utilities have also seen the biggest outflows YTD.

Hall noted that for the first time in six weeks, flows tilted toward defensive sectors over cyclical sectors.

In terms of ETFs, Hall says clients bought equity ETFs for the second straight week. Similar the prior week, they bought blend and value ETFs, but offloaded growth ETFs. ETFs in all size segments except small caps garnered inflows.

Clients bought ETFs in six sectors, led by energy ETFs amid the Israel-Iran conflict. In fact, Hall says energy ETF inflows were the biggest since October 2023.

(Terence Gabriel)

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