Investment Rating - The report upgrades the Energy sector to overweight amid record neglect and highlights potential benefits from provisions for domestic manufacturers in the tax bill [10][11][12]. Core Insights - Institutional clients have been the biggest net sellers of US equities, while private clients have returned to buying, marking a significant shift in client behavior [10][11][12]. - Energy stocks have seen the longest recent buying streak, with net buying for the last six weeks, contrasting with significant outflows in the Technology sector [10][11][12]. - The report notes that clients sold US equities for the first time in five weeks, primarily driven by institutional and hedge fund selling, while retail clients continued to buy [10][11][12]. Client Flow Trends - Institutional clients sold a net of $2.59 billion in equities last week, while private clients bought $0.84 billion [10][11][12]. - Hedge funds were net sellers for the first time in three weeks, with a total outflow of $1.48 billion [10][11][12]. - Retail clients have been net buyers in 24 of the past 25 weeks, indicating strong retail interest in equities [10][11][12]. Sector Performance - The Technology sector experienced the largest outflows, with net selling of $1.79 billion, while the Energy sector saw inflows of $0.32 billion [10][11][12]. - Health Care and Real Estate also faced significant selling pressure, while Communication Services ETFs recorded the biggest inflows [10][11][12]. ETF Trends - Clients sold equity ETFs for the first time in five weeks, with a notable shift from Blend/Growth ETFs to Value ETFs [10][11][12]. - Large-cap ETFs saw inflows, while Small/Mid-cap and Broad Market ETFs experienced outflows [10][11][12]. Market Capitalization Insights - Large-cap stocks saw significant outflows of $1.92 billion, while Small and Mid-cap stocks recorded inflows [10][11][12]. - The report indicates a trend where institutional clients are favoring Mid-caps over Large-caps [10][11][12].

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