Bank of America reported that its customers They withdrew US $ 900 million in US shares During the last week, in what represents the largest weekly departure since August 2023 and the highest sixth registered since 2008. The data attracts attention, since it occurs in a context where the index S&P500 advanced 1.7% and reached new historical maximums.
Capital exit was concentrated on individual actionswhile Bag Funds (ETF) They continued to receive tickets, although more moderately.
Institutional downward, private clients buy
According to the report, sales were led by institutional investorswhich cut positions in eight of the last nine weeks. The coverage funds They also showed a selling position for the third consecutive week.
In contrast, the Retail or private customers They positioned themselves as net buyers after a brief pause, marking purchases in 28 of the last 30 weeksindicating a more sustained strategy over time by this segment.
The report also highlights that shares of shares by companies They descended to the lowest level since October 2023. After several weeks of strong activity that exceeded seasonal patterns, these operations are expected to reactivate as the season of corporate balances progresses in the coming weeks.
Generalized sale by sectors
In an unusual fact, Bofa’s clients sold Actions in the 11 market sectors During the week, something that did not happen since November 2022. On that occasion, the S&P 500 registered a strong subsequent recovery, with an 8% rise in the next four weeks, standing in the Historic Performance 97according to the strategists Jill Carey Hall and Tyson Dennis-Sharma.
The sectors most affected by the sale were Communication, Technology and Industrial Serviceswhich had been the most benefited by positive flows in the first months of the year. Public servicesmeanwhile, registered his Seventh consecutive week of departuresaccumulating the highest selling pressure so far from 2025.
ETF: Value preference and defensive sectors
As for the ETFs, a Investor preference for value strategies over growth. Net purchases of ETF of value and mixing for fifth consecutive weekwhile ETF growing They showed outings in five of the last seven weeks.
By sectors, the higher income in ETF They concentrated on Energy and real estatewhile technology and financial sectors They faced the greatest exits.
Despite generalized sales in individual shares, investors They increased their exposure to ETF in all capitalization segmentswhich suggests a tactical rotation instead of a total withdrawal of the share market.
Source: Ambito
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