BofA institutional clients go on a selling charge
Main U.S. indexes green; Nasdaq out front, up ~1.2%
All 11 S&P 500 sectors positive; Cons Disc leads
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U.S. 10-Year Treasury yield edges up to ~4.33%
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BOFA INSTITUTIONAL CLIENTS GO ON A SELLING CHARGE
Clients were sellers of U.S. equities last week for a fourth straight week, BofA Securities equity and quant strategist Jill Carey Hall says in her latest report on equity client flows.
According to Hall, in a week where the S&P 500 index .SPX fell about 1.4%, and was down for a second straight week, net selling of U.S. equities slowed, but still amounted to -$1.3B.
Clients sold single stocks for a third week, but bought ETFs after selling both the prior week. Outflows were in large and mid caps, while clients snapped up small caps for a fifth straight week despite what Hall says have been weaker-than-expected Q3 results so far.
"Net sales last week were entirely due to institutional clients (2nd largest weekly outflow by this group in our data history since '08, with record single stock sales by this group)," writes Hall in her note.
Hall adds that institutional clients' sales of stocks typically perk up ahead of the October 31st deadline for most mutual funds to realize capital gains. This year, she says that their average weekly single stock outflows in October were 1.8x bigger than in the typical October.
Clients offloaded stocks in eight of the 11 GICS sectors, led by financials, tech and consumer discretionary.
In fact, financials have seen outflows in six of the last seven weeks (with the largest outflow since April last week). Both tech and discretionary have seen outflows in five of the last six weeks.
Healthcare, communication services, and energy garnered inflows.
Regarding ETFs, Hall says clients bought ETFs across all major styles, and all size segments except mid caps.
Seven of the 11 S&P sectors saw ETF inflows, led by industrials, consumer discretionary and energy. Clients also bought tech and financials ETFs despite single stock selling.
Real Estate ETFs saw the biggest outflows.
(Terence Gabriel)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
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