the flow show 0829

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 analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 9 to 11. 12871182 The Flow Show Lucky Numbers Scores on the Doors: gold 30.5%, Europe stocks 24.5%, China stocks 21.9%, bitcoin 19.5%, US stocks 10.3%, HY bonds 8.4%, IG bonds 8.2%, govt bonds 6.1%, commodities 2.9%, cash 2.8%, US dollar -9.8%, oil -10.3% YTD. The Biggest Picture: quietly China has been world’s best performing stock market over the past 2 years, but China stocks remain near lows vs China bonds, in stark contrast to the US, Europe & Japan, where stocks are at all-time highs vs government bonds. Weekly Flows: $19.7bn to bonds, $16.6bn to stocks, $6.8bn to cash, $3.1bn to crypto, $1.4bn to gold. Flows to Know: $19.7bn to bonds (smallest in 4 weeks), $3.9bn to China stocks (biggest since Apr’25), $1.2bn from Europe stocks (first 2-week outflow since Feb'25), $2.9bn to financials (biggest since Jan’22), $0.3bn to tech (inflows past 2 weeks). BofA Private Clients: $4.1tn AUM: 64.2% stocks, 18.2% bonds, 10.6% cash; record weekly inflow to T-notes (2-10-year Treasuries); since ‘23, private client exposure to T-bills down $28bn vs exposure to T-notes up $14bn (Chart 9); in ETFs past 4 weeks, private clients buying industrials, IG bonds, munis, and selling healthcare, energy, staples. BofA Bull & Bear Indicator: stays at 6.0…slowing HY/EM bond inflows + falling global stock index breadth offset by stronger inflow to equities, low FMS cash levels, less bearish hedge fund positioning (trimming Japanese yen longs). Chart 2: China stocks best performing region YTD, yet remain near lows vs China bonds US and China stocks vs government bonds, 2004-2025 Source: BofA Global Investment Strategy, Bloomberg BofA GLOBAL RESEARCH More on page 2… 02468101214161820220.00.51.01.52.02.53.03.54.0'04'06'08'10'12'14'16'18'20'22'24'26US stocks vs US government bondsChina stocks vs China government bonds (RHS)28 August 2025 Investment Strategy Global Michael Hartnett Investment Strategist BofAS +1 646 855 1508 michael.hartnett@bofa.com Elyas Galou >>