Accessible version BofA Securities Equity Client Flow Trends More small cap inflows Private clients take a break from buying TMT-led inflows ETFs: Growth>Value, big small cap ETF inflows Exhibit 3: Private clients: rolling 4-wk avg. equity (stock+ETF) flows negative for 1st time since Dec. Private client net buys of equities (US stocks + equity ETFs), 4 wk avg, ($ mn)t Source: BofA Securities BofA GLOBAL RESEARCH (2,000) (1,000) 0 1,000 2,000 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Private Cli ...