BofA Securities Equity Client Flows 7th week of equity inflows as S&P hits a new high

BofA Securities Equity Client Flow Trends 7th week of equity inflows as S&P hits a new high

Buying shifts to stocks from ETFs 18 August 2026 • 7th week of inflows: Last week (S&P 500 +0.4%; reached an all-time high), clients Equity and Quant Strategy were net buyers of US equities for the 7th week. In a flip from recent weeks, inflows United States were driven by single stocks ($2.7bn) following two weeks of outflows, while equity ETFs saw muted inflows ($0.4bn; 8th week of inflows).

• Buying was driven by institutional clients, who resumed buying after 2 weeks of selling. Hedge funds bought equities for the 3rd straight week after hitting a 1w record amount of buying last week. Retail clients were net sellers for the 3rd consecutive week. Clients bought equities across large and small caps but sold mid Jill Carey Hall, CFA caps. Equity & Quant Strategist BofAS • Corporate client buybacks accelerated last week, driven by Financials. YTD, annualized buybacks by clients are slightly below full-year '25 levels, well below '24 Trey Brown records, but above 2016-23 levels. Equity & Quant Strategist BofAS Record Tech stock inflows, big Industrials outflows • Single stock inflows were driven by Tech, which saw record inflows in our data history since ’08 (17th biggest/98th percentile week when normalized by S&P 500 Tech mkt. cap). Clients were also small net buyers of Energy, Health Care and Real Exhibit 1: Institutional clients are the biggest net sellers post-crisis Estate stocks. Cumulative flows ($bn) by client type, February • Clients sold stocks in 7 sectors, led by Industrials for the 3rd consecutive week 2008-present (worst 3-week stretch in our data history or worst since Dec ’23 when normalized by 50

Net buys of US equities mkt. cap, despite continued improvement in the manufacturing backdrop – note that 0 Industrials is among the most crowded and expensive sectors in our work - see -50 -100 report. Materials has the longest outflow streak at 7 weeks. -150 -200

($bn) ETFs: Value>Growth, stocks>ETFs in Tech -250 -300 • Clients bought Value & Blend ETFs (vs. sold Growth ETFs for the 2nd straight -350 week) and bought ETFs across all size segments except large caps. Hedge Funds Institutional • Clients bought ETFs in 6 of 11 sectors, led by Comm. Svcs. ETFs. Outflows were led by Tech ETFs (in contrast to record Tech stock inflows). Private Client Source: BofA Securities Exhibit 3: Record Industrials outflows over the last three weeks BofA GLOBAL RESEARCH Rolling 3-week sum of Industrials single stock net flows by BofA clients (’08-present) 4000 Exhibit 2: Hedge funds, institutional and 2000 retail clients are all net sellers over the 0 past 12 mos -2000 L12m cumulative flows ($ bn) by client type, -4000 Aug. 2025-present - Hedge Funds Institutional Source: BofA Securities Private Client 20 BofA GLOBAL RESEARCH 10 0 -10 Trading ideas and investment strategies discussed herein may give rise to significant risk and are -20 -30 not suitable for all investors. Investors should have experience in relevant markets and the financial -40 resources to absorb any losses arising from applying these ideas or strategies. -50 BofA Securities does and seeks to do business with issuers covered in its research Aug-25 Sep-25 Oct-25 Nov-25 reports. As a result, investors should be aware that the firm may have a conflict of Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 interest that could affect the objectivity of this report. Investors should consider this May-26 Jun-26 Jul-26 Aug-26 report as only a single factor in making their investment decision. Refer to important disclosures on page 19 to 21. Source: BofA Securities BofA GLOBAL RESEARCH

BofA Equity Client Flow Trends Exhibit 4: Rolling 4wk avg. US equity flows (based on single stock+ETF flows) is at +$3.6bn BofA client total net buys of US equities (stocks & ETFs): four-week avg ($ 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 stocks and ETFs by client group ($mn) by…