美银证券股票客户流向趋势：更多小盘股资金流入-BofA Securities Equity Client Flow Trends_ More small cap inflows

Investment Rating - The report indicates a mixed sentiment with institutional clients being net sellers while private clients have shown net buying behavior [5][7][20]. Core Insights - The report highlights that small cap inflows have continued, with clients showing a preference for small cap stocks over mid caps, while large caps also saw some buying activity [9][25]. - Private clients have turned net sellers for the first time this year, with a rolling four-week average of equity flows turning negative [9][20]. - Institutional clients have been net buyers for six consecutive weeks, marking the longest streak since late 2022, while hedge funds have also shown buying activity [9][20]. - The report notes that corporate client buybacks have accelerated, surpassing typical seasonal levels for the first time in ten weeks [9]. Summary by Client Type - Institutional Clients: The largest net sellers post-crisis, with cumulative flows showing significant outflows [5][7]. - Private Clients: Have been the only cumulative net buyers year-to-date, but recent trends indicate a shift to net selling [9][20]. - Hedge Funds: Showed a buying trend for the second consecutive week, contrasting with the selling behavior of private clients [9][20]. Summary by Sector - Technology, Consumer Services, and Staples: These sectors saw the most buying activity from clients [9]. - Industrials, Financials, and Utilities: Experienced the largest outflows, with utilities facing near-record outflows in recent weeks [9][20]. - Equity ETFs: Clients favored growth ETFs over value ETFs for the first time in six weeks, indicating a shift in investment strategy [9]. Summary by Size Segment - Small and Micro Caps: Continued to attract inflows, while mid caps saw outflows [9][25]. - Large Caps: Also experienced buying activity, indicating a diversified interest across market capitalizations [9][25]. Summary by Investment Style - Growth vs. Value: Growth ETFs have seen greater net flows compared to value ETFs, suggesting a preference for growth-oriented investments [9].