The Flow Show-My herd is my bond

Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 8 to 10. 12868725 The Flow ShowMy herd is my bond Scores on the Doors: gold 26.3%, bitcoin 20.0%, stocks 13.9%, IG bonds 8.2%, HY bonds 8.0%, govt bonds 6.3%, cash 2.7%, commods 2.6%, US$ -9.1%, oil -11.4% YTD. The Biggest Picture: record $97bn inflow to global bond funds past 4 weeks, YTD bonds annualizing record $700bn inflow, led by inflows to IG bonds (Charts 2 & 3). Coming Soon: Aug 27th NVDA, 29th PCE, Sep 5th payrolls, 10th PPI, 11th CPI, 17th FOMC. Flows: inflows to bonds $23.0bn, stocks $3.0bn, cash $1.3bn, gold $0.1bn, outflows from crypto $0.7bn. Flows to Know: IG bond inflow past 4 weeks biggest since Jul'20 ($57.4bn), Europe equity outflow biggest in 4 months ($2.3bn), German equity outflow biggest in 3 months ($0.4bn), 18th week of UK equity outflows ($1.3bn, biggest in 3 months). BofA Private Clients: $4.1tn AUM…64.1% stocks, 18.1% bonds, 10.7% in cash; GWIM buying industrials, HY, bank loan ETFs past 4 weeks, selling energy, healthcare, staples. BofA Bull & Bear Indicator: dips to 6.0 from 6.1 on DM equity outflows, bad global equity breadth, and bearish hedge fund positions, offset by low FMS cash level. Chart 2: 2025 on track for record year of inflows to global bond funds Global government & corporate bond flows by year ($bn) Source: BofA Global Investment Strategy, EPFR. *2025 flows are annualized. BofA GLOBAL RESEARCH More on page 2… $700bn-400-2000200400600800'15'16'17'18'19'20'21'22'23'24'25'26Global government & corporate bond flows (cumulative, $bn)21 August 2025 Investment Strategy Global Michael Hartnett Investment Strategist BofAS +1 646 855 1508 michael.hartnett@bofa.com Elyas Galou >> Investment Strategist BofASE (France) +33 1 8770 0087 elyas.galou@bofa.com Anya Shelekhin Investment Strategist BofAS +1 646 855 3753 anya.shelekhin@bofa.com Myung-Jee Jung Investment Strategist BofAS +1 646 855 0389 myung-jee.jung@bofa.com Chart 1: BofA Bull & Bear Indicator Dips to 6.0 from 6.1 Source: BofA Global Investment Strategy The indicator identified above as the BofA Bull & Bear Indicator is intended to be a