Bank of America: Hedge funds posted record US stock sales last week

There has also been a record outflow of funds from hedge funds in technology stocks, mainly concentrated in large-cap stocks, Bank of America strategist Jill Carey Hall wrote in a report dated May 19. Overall, five out of the eleven industry sectors saw outflows, with the communication services and industrial sectors experiencing the largest outflows after the technology sector. Financial stocks recorded the highest inflows, followed by utilities stocks. She noted that institutional clients have bought stocks for the third consecutive week, while private clients turned into buyers again after selling last week.