Bank of America Securities said its clients pulled money from U.S. equity funds at the fastest pace in 10 weeks during the week ended 27 June, reversing a stretch of steady inflows. The retreat came even as the S&P 500 finished the second quarter at a record high and posted its strongest three-month advance since 2023. According to the bank’s weekly flow report, investors shed positions in mid-cap shares most aggressively, followed by small-caps, while large-cap funds eked out modest inflows. The pattern suggests investors are trimming risk in the more economically sensitive corners of the market despite broader index gains. Equity outflows contrasted with continued demand for money-market and bond funds, underscoring a cautious turn ahead of the next round of inflation data and Federal Reserve policy signals. BofA’s strategists said the divergence between benchmark highs and waning risk appetite highlights mounting concern that equities have outrun earnings prospects.