Clients purchased US$4.3 billion in single stock US equities at Bank of America last week, the firm said, marking a two-year record.
The week also represented the group’s tenth largest inflows since 2008, BofA reported
The majority of this activity went into large caps, BofA said, particularly looking at tech stocks (US$3.14 billion in inflows). This was led by institutional clients, who were buying for the second week in a row and reached the highest levels of net buy since September 2024.
Institutional investors had been sellers since May.
Financials (US$883 million), discretionary (US$590 million) and staples (US$443 million) were also popular categories, with stocks bought in seven of the 11 categories tracked by the bank. Industrials (-US$809 million), healthcare (-US$345 million), communication services (-US$140 million) and real estate (-US$30 million) saw the largest outflows over the week.
Alongside institutional investors, retail, corporate and hedge fund clients were also all buyers for a second week running. Private clients have been the most consistent buyers recently, the bank noted, buying for 33 of the last 35 weeks and on a six-week inflows streak.
Although single tech stocks were riding high, passive investment in the sector is waning – with tech exchange-traded funds (ETFs) reporting the largest outflows last week. Consumer staples led the race, and also hold the largest four-week average for inflows.
