Investors are snapping up single stocks and moving away from index funds as they target buying opportunities in the US equity market.
Inflows into single stocks cumulatively have climbed to $25 billion on a year-to-date basis while, outflows from exchange-traded funds have reached $9 billion – the widest gap since the global financial crisis, Bank of America Securities said in a Tuesday note about flow trends. The figures point to the"first sign of a stock picker's market since 2008," Jill Carey Hall, who leads BofA's small and mid-cap strategy, said in a weekly update capturing activity among its clients.
Tech stocks are drawing in the most investment money so far this year. Shares of mega-tech companies have climbed recently following better-than-expected earnings reports, with the batch including
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