Hedge funds have net sold U.S. equities for the fifth consecutive week, despite a significant market rally. According to Goldman Sachs, these funds have shifted their focus to buying stocks in banks, insurance, and trading firms at the fastest pace in recent times. Global equity funds have also seen their second weekly outflow, reflecting caution over the economic outlook. Additionally, there has been a continuous inflow of capital from the Southbound Stock Connect, while overseas active capital continues to flow out. BofA reports that buybacks by corporate clients, as a percentage of S&P 500 market cap, are above 2019 highs, with prioritization of returning cash to shareholders at an 11-year high. Global equities were net sold for the ninth-straight week, and CTAs are modeled long $70bn of global equities after selling $43bn last week.