BofA analysts said in their equity client flow trends note this week that there were more record inflows for communication services stocks.
The analysts revealed that amid continued upward revisions, strong earnings results and a surprise dividend announcement, communication services saw another week of record-breaking inflows - the second ever after last week’s record.
It also has the longest recent buying streak of any sector (15 weeks), according to BofA.
Elsewhere, last week, BofA clients were net sellers of US equities, selling single stocks and purchasing ETFs. However, for the year-to-date, BofA "clients have been net buyers of $4.4B of stocks vs. sellers of $0.4B of ETFs."
"Both institutional and private clients were sellers, while hedge fund clients were net buyers last week. All were reversals in direction from the previous week’s inflows," the analysts noted.
Tech and financials saw the largest outflows last week, although healthcare saw its sixth straight week of inflows, with an M&A pickup beginning to help sentiment in the sector.