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Bank of America's strategists noted in their weekly “Flow Show” that cash funds experienced their most substantial outflows since October, with a notable $61 billion leaving the asset class for the week ended Wednesday.
Similarly, stock funds also saw strong withdrawals, with $21 billion redeemed in the same period.
In contrast, gold funds attracted the largest inflow since May 2023, amounting to $1.1 billion, according to EPFR Global data.
The report also highlighted that US stocks faced their most significant outflows since December 2022, totaling $22 billion. Within this, US small-cap stocks saw redemptions of $5.9 billion, and communications stock funds recorded a record outflow of $1.7 billion. However, energy sector funds bucked the trend, receiving their largest inflow since October at $500 million.
The tech sector sits at an “all-time relative high” against the broader market, adding there will be “no new bull market” because there is no recession. In addition, there are “no kick-start cheap valuations” unlike previous periods of market rebounds, such as the 1920s, 1950s, 1980s, and 2010s, where stocks were more attractively priced
The fixed-income market showed mixed performance.
Investment-grade (IG) bond funds continued to attract investors for the 21st consecutive week, bringing in $5.5 billion, while high-yield (HY) bonds experienced their most significant outflow since October, with $700 million leaving the asset class.