What Have Bank Of America Clients Been Buying And Selling?

A new report from Bank of America analyst Jill Hall focuses on recent client flow trends. While the S&P 500 fell 1.2 percent last week, Bank of America witnessed a lot of buying among its clients.

Buying The Dip

After two weeks of net selling, Bank of America saw inflows of $3.6 billion last week, the largest weekly inflow since January. The surge was led by institutional clients, but hedge funds and private clients were also net buyers on the week.

What Are They Buying?

According to the report, clients were buying a little bit of everything last week.

“Clients were net buyers of ETFs plus single stocks in eight of the ten GICS sectors last week, led by Tech and Consumer Discretionary (which saw their biggest inflows since November and January, respectively),” Hall explained.

The analyst mentions that Materials and Telecom were the only two sectors that had net outflows at Bank of America last week.

It appears Tech was the big winner, as institutions, private clients and hedge funds were all big buyers of the sector during the week.

After net outflows for seven consecutive weeks, money started trickling back into Health Care as well.

Q2 summary

Looking back at Q2, Tech and Financials saw the biggest inflows during the quarter, while Health Care and Industrials booked the two biggest outflows.

Overall, institutional clients, hedge funds and private clients were all net sellers of stocks in Q2. However, private investors remain net buyers in 2015 for the first time since the Financial Crisis.

Bank of America saw the most buybacks in the Financial sector in Q2 ($2.8 billion), but the Tech sector has seen the most buybacks year-to-date ($5.5 billion).