Record single stock inflows driven by institutional clients

BofA Securities Equity Client Flow Trends Record single stock & Industrials inflows

Record single stock inflows driven by institutional clients 28 July 2026 • 4th week of inflows: Last week (S&P 500 -0.6%), clients were big net buyers of US Equity and Quant Strategy equities (4th straight week of buying), led by record single stock inflows ($8.2bn) and United States slight equity ETF inflows ($0.5bn). Clients bought equities across size segments.

• Buying was driven by institutional clients (their biggest buying week since Dec. 2020 / 2nd largest in our data history since ’08). Retail clients were also buyers (for the 5th straight week) while hedge fund clients sold equities for the 3rd straight week.

• Corporate client buybacks slowed last week and were below the historical avg. Jill Carey Hall, CFA Equity & Quant Strategist for Week 2 of earnings season when normalized by mkt. cap. The 4-wk. avg. buyback BofAS level is up 19% YoY. YTD, annualized buybacks by clients are slightly below full-year ‘25 levels and below ‘24 records, but above 2016-23 levels. Trey Brown Equity & Quant Strategist Record Industrials inflows BofAS • Clients bought stocks in 8 of 11 sectors, led by Tech, Financials and Industrials. Industrials, which had seen outflows most weeks YTD, saw record inflows last week (see Exhibit 3) or 3rd-largest ever as a % of market cap amid continued geopolitical uncertainty and better-than-expected 2Q results so far. Financials and Tech inflows Exhibit 1: Institutional clients are the biggest net sellers post-crisis were also near records (2nd/3rd largest ever). Cumulative flows ($bn) by client type, February • Communication Services stocks saw the largest outflows (4th week of 2008-present outflows). Commodity-oriented Energy & Materials also saw outflows despite 50

Net buys of US equities Industrials inflows. 0 -50 ETFs: styles>blend, large>SMID, sectors except Cons. Disc. -100 -150 • Clients bought Growth & Value ETFs (vs. sold Blend for the 1st time in 5 weeks) -200

($bn) and large/broad market ETFs (while they sold mid/small cap ETFs). -250 -300 • Clients bought ETFs in 10 of 11 sectors, led by Tech ETFs. Only Consumer -350 Discretionary ETFs saw outflows. Hedge Funds Institutional Exhibit 3: Industrials single stocks see largest inflows ever Private Client Weekly Industrials single stock net flows ($mn, '08-present) Source: BofA Securities 3000 BofA GLOBAL RESEARCH Exhibit 2: Hedge funds, institutional and -1000 -2000 retail clients are all net sellers over the - past 12 mos L12m cumulative flows ($ bn) by client type, Source: BofA Securities July 2025-present BofA GLOBAL RESEARCH Hedge Funds Institutional Private Client 30 20 10 0 Trading ideas and investment strategies discussed herein may give rise to significant risk and are -10 -20 not suitable for all investors. Investors should have experience in relevant markets and the financial -30 resources to absorb any losses arising from applying these ideas or strategies. -40 BofA Securities does and seeks to do business with issuers covered in its research Jul-25 Aug-25 Sep-25 Oct-25 reports. As a result, investors should be aware that the firm may have a conflict of Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 interest that could affect the objectivity of this report. Investors should consider this Apr-26 May-26 Jun-26 Jul-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 +$5.0bn BofA client total net buys of US equities (stocks & ETFs): four-week avg ($ 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 stocks and ETFs by client group ($mn) by year (2026 is YTD) Category Flows by client group: Single stocks Hedge funds (841) (29,878) (19,415) 1,515 (26,293) (39,284) (12,057) (4,722) (2,989) (3,852) (4,559) (6,798)…