Mar 12, 2021 AT 09:48AM

BAML FLOW SHOW

Inflation thematic is confirmed by Nasdaq topping vs S&P 500; note epic reversal in deflationary Nasdaq vs. inflationary Russell implies 2020 marked secular low point for inflation and rates (Michael Hartnett)

1. Equity inflows by Region:

• • U.S. stocks got large inflows with $13.4b
  • EM stocks had 3rd largest inflows ever at $9.7b
  • Energy stocks their 3rd largest inflows ever at $3.2b
  • $21.3b went into cash
  • bonds had their biggest week of outflows in a year with $15.4b

2. Value vs Growth Flows

• • US value stocks their 2nd largest inflows on record at $9.1b
  • U.S. growth had $5.4b outflows

3. Small Caps vs Large Caps

• • U.S. small caps got $5.3b inflows and
  • U.S. large caps $3.8b

4. Commod and Credit

• • Gold had largest outflows in 14 weeks at $1.8b
  • Credit had largest week of IG/EM outflows in 1 year, with $12.9b out of IG bonds, $3.2b out of EM debt, and $3.4b out of HY