BofA Securities Equity Client Flow Trends Into TechGrowth, out of Industrials

BofA Securities Equity Client Flow Trends Into Tech/Growth, out of Industrials

Big inflows week, led by institutions & hedge funds 08 September 2026 • 2nd week of inflows: Last week (S&P 500 +0.1%), clients were net buyers of US Equity and Quant Strategy equities for the 2nd straight week (biggest inflows since mid-July and 6th-largest in United States our weekly history since ’08). Inflows were primarily driven by both single stocks ($3.9bn; 2nd week of inflows) and equity ETFs ($3.1bn; 11th week of inflows).

• Buying was driven by institutional and hedge fund clients for the 2nd straight week. Private clients were net sellers for the 6th consecutive week. Clients bought large and mid cap equities but sold small caps.

• Corporate client buybacks accelerated for the 2nd week, driven by Financials (see Jill Carey Hall, CFA Equity & Quant Strategist exhibit below). YTD, annualized buybacks by clients are slightly below full-year '25 BofAS levels, well below '24 records, but above 2016-23 levels.

More Tech inflows/Industrials outflows Trey Brown Equity & Quant Strategist • Clients bought stocks in 8 of 11 sectors, led by Tech (2 consecutive week of nd BofAS inflows, with rolling 4-wk. avg. flows positive since mid-July). Communication Services stocks saw inflows for the 1st time in 5 weeks.

• Industrials saw the biggest outflows (5th consecutive week of outflows; rolling Exhibit 1: Institutional clients are the 4-wk. avg. flows hit record negative levels the prior week (note)). Industrials has biggest net sellers post-crisis been one of the most crowded/expensive sectors (see ownership note – where Cumulative flows ($bn) by client type, February positioning has started to come off highs – and valuation note). The Consumer 2008-present sectors were the only other sectors to see outflows following inflows the prior 50

Net buys of US equities week. 0 -50 ETFs: 1st Growth ETF inflows in 5 weeks -100 -150 • Clients bought ETFs across major styles (Value/Growth/Blend) – the 1st time in 5 -200

($bn) weeks that clients bought Growth ETFs. They bought large/mid/broad market cap -250 -300 ETFs but sold small cap ETFs. -350 • Clients bought ETFs in 7 of 11 sectors, led by Health Care ETFs. Tech ETFs Hedge Funds Institutional saw the largest outflows (in contrast to the biggest single stock inflows). Private Client Exhibit 3: Buybacks have picked up in recent weeks, with Financials the biggest contributor Corporate client buybacks by sector: rolling 12-week sum ($mn) Source: BofA Securities BofA GLOBAL RESEARCH Financials Consumer Discretionary Exhibit 2: Hedge funds, institutional and Energy Industrials retail clients are all net sellers over the Health Care Information Technology past 12 mos Consumer Staples L12m cumulative flows ($ bn) by client type, Materials Real Estate Sep. 2025-present Others Hedge Funds Institutional Private Client Source: BofA Securities 20 BofA GLOBAL RESEARCH 0 -20 -40 Trading ideas and investment strategies discussed herein may give rise to significant risk and are -60 not suitable for all investors. Investors should have experience in relevant markets and the financial Sep-25 Oct-25 Nov-25 Dec-25 resources to absorb any losses arising from applying these ideas or strategies. Jan-26 Feb-26 Mar-26 Apr-26 BofA Securities does and seeks to do business with issuers covered in its research May-26 Jun-26 Jul-26 Aug-26 reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Source: BofA Securities Refer to important disclosures on page 19 to 20. BofA GLOBAL RESEARCH

BofA Equity Client Flow Trends Exhibit 4: Rolling 4wk avg. US equity flows (based on single stock+ETF flows) is at +$3.0bn BofA client total net buys of US equities (stocks & ETFs): four-week avg ($ mn) vs. S&P 500, 2008-present

Net buys, 4 wk avg ($mn) (LHS) S&P 500 Index (RHS) Source: BofA Securities BofA GLOBAL RESEARCH

Cumulative flows by year Exhibit 5: Flows by client group: BofA equity client flows by year (single stocks vs. ETFs) Cumulative net buying (selling) of single…