BofA's Hedge Fund Clients Sold Stocks at Record Pace Amid Rout
- Selling from all clients highest since just before Brexit
- Corporate buybacks slowing down amid reporting season
Brian Belski Says Wall Street Needs 'Perspective'
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Hedge funds led the latest rush out of stocks, with selling from BofAML clients reaching a record high.
As the S&P 500 suffered the worst decline in two years last week, clients from pension funds to wealthy individuals were all net sellers, BofAML strategists Jill Carey and Savita Subramanian wrote in a note. Their total disposal reached $3.6 billion, the highest level since early June 2016, two weeks before Britain’s vote to leave the European Union.