美银-全球投资策略：资金流秀：生活在原材料世界-The Flow Show：Living in a Material World-20260507

Accessibleversion

BofAGOBARESEARCHBofASE

hlit

w】wu：es

TheFlowShow

LivinginaMaterialWorld

ScoresontheDoors:oil68.9%,commodities54.1%,ACWI8.7%,gold8.4%,SPX7.2%,HY1.6%,cash1.3%,IG0.5%,govtbonds0.0%,US$-0.3%,bitcoin-8.8%YTD.

Zeitgeist:“NooneinmoretroublethanEurope,noAI,wreckedenergysupply,losing

autodominance,can'tgrow...terriblelookfordollarifitcan’trallybigtimeversusEuro.”

TaleoftheTape:USstocksannualizing20%,goldannualizing30%,bothtrackingrare“bigstuff”,4thyearofdouble-digitgains–onlyhappensforstocksduringwar('42-'45),peace('49-'52),bubble('95-'99),forgoldonlyduringstagflation('71-'74&'77-'80).

ThePriceisRight:FirsttimesinceNov'23DMcentralbankratehikesoutpacingcuts(Chart7);EMratecutsstilloutpacinghikes,butbysmallestamountsinceAug’23;

double-topincomingweeksinNYSEindex(bestWallStbarometer)bigtellcentralbanksturninghawkishquicktocounternominalboom.

TheBiggestPicture:materialssectorjust2%ofS&P500,closeto30-yearlows(Chart2);geopoliticalgrabforresources,militaryspending,AIcapexboom,housingshortages,bubblebarbellof“hubris”&“humiliation”...materialsthenewbullontheblock.

TheBeautifulGame:35daysuntilthestartof2026WorldCupinUS,Canada,Mexico;whyitmattersforWallSt…see

BofA’sWorldCup2026Guide.

Chart2:Materials...thenewbullontheblockMaterialsasa%ofS&P500marketcap

Source:BofAGlobalResearch,Bloomberg

BofAGLOBALRESEARCH

'90'93'96'99'02'05'08'11'14'17'20'23'26

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

Materials%ofS&P500marketcap

2%

Nov'25

2%

Sep'00

Moreonpage2…

07May2026

InvestmentStrategyGlobal

BofA

Data

Analytics

MichaelHartnett

InvestmentStrategistBofAS

+16468551508

michael.hartnett@

AnyaShelekhin

InvestmentStrategistBofAS

+16468553753

anya.shelekhin@

Myung-JeeJung

InvestmentStrategistBofAS

+16468550389

myung-jee.jung@

JessicaGuo

InvestmentStrategistBofAS

+16468550033

jessica.guo@

Chart1:BofABull&BearIndicatorUpto7.2from6.6

010

Extreme

Bearish

46

2

ExtremeBullish

Buy

Sell

7.2

8

Source:BofAGlobalInvestmentStrategy.TheindicatoridentifiedaboveastheBofABull&BearIndicatoris

intendedtobeanindicativemetriconlyandmaynotbeusedforreferencepurposesorasameasureof

performanceforanyfinancialinstrumentorcontract,orotherwiserelieduponbythirdpartiesforanyother

purpose,withoutthepriorwrittenconsentofBofA

GlobalResearch.Thisindicatorwasnotcreatedtoactasabenchmark.

BofAGLOBALRESEARCH

Tradingideasandinvestmentstrategiesdiscussedhereinmaygiverisetosignificantriskandarenotsuitableforallinvestors.Investorsshouldhaveexperienceinrelevantmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage12to14.12971117

Timestamp:07May202610:01PMEDT

2TheFlowShow|07May2026

BofAGLOBALRESEARCH

WeeklyFlows:$136.0bntocash,$25.9bntobonds,$2.6bntostocks,$1.9bntocrypto,$1.2bnfromgold.

FlowstoKnow:

•Cash:$136.0bninflow,largestsinceJan’26(Chart15),

•IGbonds:$16.4bninflow,largestsinceJan’26(Chart16),

•TIPS:$1.4bninflow,largestsinceApr’25,

•EMequities:$11.6bnoutflow,largestsinceJan’26,

•Chinaequities:$9.8bnoutflow,6thweekofoutflows($47.5bn),•Europeequities:$2.1bnoutflow,4thweekofoutflows($11.3bn),•Consumer:$1.1bnoutflow,largestsinceDec’25.

BofAPrivateClients:$4.4tnAUM…65.3%stocks(highestsinceOct’21),17.5%bonds(lowestsinceMar’22),9.9%cash(lowestthiscentury);privateclientscontinuetoaddequityETFexposure(sharecount+4%YTD,+1%pastmonth);past4weeksprivate

clientsbuyingenergy,munibond,materialsETFs,sellingutilities,financials,techETFs.

BofABull&BearIndicator

1

:risessharplyto7.2from6.6onstrongerglobalstock

indexbreadth,inflowstoHYandEMdebt;BofAGlobalBreadthRule(globalstockindicestradingabove50dma&200dma)uptonet73%("sell"signaltriggeredat88%).

NewBullsontheBlock:2026outperformersarecommodities,EM,tech,small/mid-

cap;techbullnotnew,butcommodities,EmergingMarkets,smallcapallenjoyingbullishsecularturningpoints(Charts5-7)onUSnominalGDPsurge(inmidstof7-year75%

surge,consensusnowpredictsnominalGDPup5.5%in‘26,EPSup20%–Charts8-10);materialssettojoinnewbullsontheblockdrivenbyglobalgeopoliticalgrabfornaturalresources,$750bnandrisingAIcapexboom,globaldefensespendapproaching$3tn,UShousingshortageofover4millionunits,stealthChinaFXappreciation(Chart11)...notesteelETFtestingitspre-GFC2008high(Chart12).

Hubris&Humiliation:materialsalsocandidatetopairinoptimalbubblebarbell

strategyoflong“hubris”(AI&chipstoday)&long“humiliation”(out-of-favor,

distressedcyclicalplaysliftedbyfinalbubblesurgeinnominalGDP,e.g.EMin’99

internetmania,oilin‘07/’08subprime/Chinabubble);materials,consumer,China,UKallunlovedpotentialpairswithchipmania;buthumiliatedbondswon’twork...AIBig10

now40%ofS&P500marketcap,closetopeakconcentrationlevelsforNiftyFiftyin‘70s,Japanin80s,internetin’90(butnotrailroadsin1880s–Charts13&14),andsurgeinbondyieldsalwayshowbooms/bubblesendbybonds(USTyields+200bpstoendNifty50bubble,JGByields+230bpstoendJapanbubble,UST+260bpsin'99).

TheBeautifulGame

35daysuntilstartof2026FIFAWorldCuphostedbyUS,CandaandMexico;reasons

whyitmattersforWallSt(see

GlobalInvestmentStrategyandThematicInvesting’s

WorldCup2026Guide

)...

•5billion:numberofglobalfootball

fans...it

’sthemostpopularsportintheworld

•6billion:numberofpeoplelikelytodigitallyengagewith2026WorldCup

1“Old”BofABull&BearIndicatorrisesto5.2from4.8;formoreinfoseeBofABull&BearIndicatorrevamp.

TheFlowShow|07May20263

BofAGLOBALRESEARCH

•

•

6.5million:numberoffootballfansexpectedtoattendthetournament$41billion:projectedglobalGDPimpactof’26WorldCup

•

824,000:numberofglobaljobssupportedby’26WorldCup

•

7%:ofallglobalinternettrafficcouldbeconsumedbyWorldCupfinal

•

•

2exabytes:tournamentdatacreatedviaAI,simulations,streaming,socialmedia$2.3trillion:sportsindustryrevenues(sportsis10thlargesteconomyinworld)

•

•

$18billion:playervalueof48teamsatWorldCup(Englandmostvaluableat$1.9bn)€11.4tn:combinedvalueofEuropeanfootballclubdealsinthepastdecade

•

36%:ofclubsinbigEuropeleaguesbackedbyPE,venturecapital,privatecredit

•

$2,800:valueof$100investedinS&P500in1994whenUSlasthostedWorldCup

Chart4:Profits&payrollscorrelated…andEPSbooming

USnonfarmpayrollsMoM(3-monthavg)&S&P500EPSgrowth

Chart3:DMcentralbankratehikesnowoutpacingratecutsGlobalcentralbankratehikesminuscuts,3-monthrolling

1200USpayrollsMoM(3mavg,thousands)60%

1000S&P50012mforwardEPS(YoY%,RHS)50%80040%

60030%

40020%

20010%

00%

-200-10%-400-20%-600-30%-800-40%

-1000-50%'90'93'96'99'02'05'08'11'14'17'20'23'26

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

0

-30

-60

'02'04'06'08'10'12'14'16'18'20'22'24'26

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

Centralbankratehikesminuscuts,3-monthrolling

DevelopedMarketsEmergingMarkets

60

30

Chart6:EMstocksatbullishsecularturningpointsvsUSstocksEmergingmarketstocksvsUSstocks–pricerelative

Chart5:Commodities=outperformersof2020s

EmergingMarketstocksvsUSstockspricerelative(US$terms)2.2

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

195019601970198019902000201020202030

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

Commoditiesvsdevelopedmarketstocks–10Yannualizedreturns

15%CommoditiesvsDMstocks(10-yearrollingannualizedreturns)10%

5%

0%

-5%

-10%

-15%

-20%

195019601970198019902000201020202030

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

-4%

May'26

BofAGLOBALRESEARCH

4TheFlowShow|07May2026

Chart7:Smallcap>largecapin2H’2020s

USsmallcapvslargecapstocks–10Yrollingannualizedreturn

USsmallcapvslargecap(10Yannualizedreturns)

-4%May'26

195019601970198019902000201020202030

Source:BofAGlobalInvestmentStrategy,Bloomberg

20%

16%

12%

8%

4%

0%

-4%

-8%

BofAGLOBALRESEARCH

Chart8:USnominalGDPinmidstof75%surgefrom2020to2027USnominalGDP($tn,actualandBofAforecast)

0

'60'66'72'78'84'90'96'02'08'14'20'26

Source:BofAGlobalResearch,Bloomberg

BofAGLOBALRESEARCH

Q4'27$35tn

+75%

Q2'20

$20tn

COVIDlow

40

35

30

25

20

15

10

5

USnominalGDP($tn)

BofAforecast

Chart9:Consensusforecasts5.5%USnominalGDPgrowthin’26USnominalGDPgrowthconsensusforecasts(%)

2022

2023

2024

2025

2026

'26:5.5%

'25:4.9%

'20'21'22'23'24'25'26'27

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

11%

10%

9%

8%

7%

6%

5%

4%

3%

2%

Chart11:StealthChineserenminbiappreciationChineserenminbivsUSdollar

9.0

8.5

8.0

7.5

7.0

6.5

6.0

5.5

5.0

4.5

——ChinarenminbitoUSdollarspotexchangerate

'90'93'96'99'02'05'08'11'14'17'20'23'26

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

Chart10:Consensusforecasts20%USEPSgrowthin‘26USEPSgrowthconsensusforecasts(%)

Source:BofAGlobalInvestmentStrategy,Datastream

BofAGLOBALRESEARCH

'20'21'22'23'24'25'26'27

22%

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

-2%

'26:20.2%

'25:14.1%

2022

2023

2024

2025

2026

Chart12:Steeltestingits‘08highingeopoliticalgrabforresourcesSteelETF(SLX)

May'08May'26

SteelETF'06'08'10'12'14'16'18'20'22'24'26

120

110

100

90

80

70

60

50

40

30

20

10

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

TheFlowShow|07May20265

Chart13:Peakconcentrationlevelsofmajorbubbles…>40%Concentrationinhistoricbubbles

Railroads,%USstockmarketNiftyFifty,%S&P500

70%

63%Japan,%MSCIACWITech&telecom,%S&P500

AIBig10*,%S&P500

60%

50%

44%

40%41%40%

40%

30%

20%

10%

1835191019651981198819942000200620192025

Source:BofAGlobalInvestmentStrategy,Bloomberg.*AIBigTen=Magnificent7+AVGO,MU,AMD

BofAGLOBALRESEARCH

Chart15:$136bninflowtocashislargestsinceJan’26

Moneymarketfundflows(weekly&4-weekmovingaverage,$bn)

300Moneymarketflows($bn)Moneymarketflows4-weekMA($bn)

250

200

150

100

50

0

-50

-100

-150

-200

'17'18'19'20'21'22'23'24'25'26

Source:BofAGlobalInvestmentStrategy,EPFR

BofAGLOBALRESEARCH

Chart14:Railroads=63%ofUSstocksin1881,‘AI10’today=40%Railroadsas%ofUSstockmarketcap

Railroads63%1881

AIBigTen*40%

0%

1828184818681888190819281948196819882008

70%

60%

50%

40%

30%

20%

10%

Railroads%ofUSstockmarketcap

Source:BofAGlobalInvestmentStrategy,Bloomberg.*AIBig10=Magnificent7,AVGO,MU,AMDBofAGLOBALRESEARCH

Chart16:$16.4bninflowtoIGfundsbiggestsinceJan’26CorpIGfundflows(weekly&4-weekmovingaverage,$bn)

CorpIGflows($bn)CorpIGflows4-weekMA($bn)

20

10

0

-10

-20

-30

-40

-50

-60

'17'18'19'20'21'22'23'24'25'26

Source:BofAGlobalInvestmentStrategy,EPFR

BofAGLOBALRESEARCH

30

6TheFlowShow|07May2026

AssetClassFlows

(Table1

)

Equities:$2.6bninflow($16.0bntoETFs,$13.4bnfrommutualfunds)

Bonds:inflowspast54weeks($25.9bn)

Preciousmetals:outflowspast2weeks($1.2bn)

FixedIncomeFlows

(Chart17

)

IGBondinflowspast5weeks($16.4bn)

HYBondoutflowsresume($0.2bn)

EMDebtinflowspast4weeks($1.4bn)

Munisinflowspast3weeks($1.8bn)

Govt/Tsyinflowspast2weeks($4.1bn)

TIPSinflowspast14weeks($1.4bn)

Bankloaninflowspast6weeks($0.9bn)

EquityFlows

(Table2)

US:inflowspast6weeks($9.3bn)

Japan:inflowspast2weeks($0.5bn)

Europe:outflowspast4weeks($2.1bn)

EM:outflowspast4weeks($11.6bn)

Bystyle:inflowsUSlargecap($8.1bn),USsmallcap($1.5bn),outflowsUSvalue($2.3bn),USgrowth($5.1bn).

Bysector:inflowsenergy($2.6bn),materials($1.9bn),financials($0.6bn),telcos($0.0bn),outflowsutils($0.1bn),realestate

($0.1bn),hcare($1.0bn),comsvs($1.1bn),tech($2.7bn).

Table1:CumulativeYTDflowsbyassetclassGlobalflowsbyassetclass,$mn

Wk%AUM

YTD

YTD%AUM

Equities

0.0%

338,157

1.2%

ETFs

0.1%

498,491

3.1%

LO

-0.1%

-160,810

-1.3%

Bonds

0.3%

272,679

2.9%

Commodities

0.2%

28,350

2.7%

Money-market

1.2%

238,781

2.2%

*weekended05/06/2026:Source:EPFRGlobal

BofAGLOBALRESEARCH

Table2:BigYTDinflowstoDMinternationalstocksGlobalequityflowsbyregion,$mn

Wk%AUMYTD

TotalEquities0.0%338,157

-0.1%0.1%

-160,810

498,491

long-onlyfundsETFs

TotalEM-0.4%-54,126

5,168

-6,633

-162,924

Brazil

India

China

0.2%

-0.2%

-1.5%

TotalDM0.1%392,283

0.1%

US

Europe

Japan

International

144,120

1,529

-0.1%

0.0%

0.1%

19,825

208,534

TotalEquities=TotalEM+TotalDMSource:EPFRGlobal

BofAGLOBALRESEARCH

Chart17:FICCinflowstocash,TIPS,bankloansWeeklyFICCflowsasa%AUM

Money-market

TIPS Bankloan CorpIG Govt/TsyCommodities EMdebt CorpHYGold&Silver

-0.3%-0.1%0.1%0.3%0.5%0.7%0.9%1.1%1.3%

Source:BofAGlobalInvestmentStrategy,EPFRGlobal

BofAGLOBALRESEARCH

TheFlowShow|07May20267

BofAprivateclientflows&allocations

Chart18:Privateclientsboughtenergy,dividend,industrialsETFsBofAprivateclients4-weekETFflowsas%ofAUM

H

Energy

Dividend

Industrials

Materials

Municipals

TIPS

Japan

Cons.Disc.

EMdebt IGGrowth MLPHY

US ValueHealthcare

LoE-vIslBofAGWIMprivateclients

TechBankloan StaplesFinancialsUtilities

-6%-4%-2%0%2%4%6%8%10%12%

Source:BofAGlobalinvestmentStrategy

BofAGLOBALRESEARC

PreciousCumulative4wflowsas%AUM

Chart20:GWIMdebtallocationat18%

BofAprivateclientdebtholdingsas%ofAUM

Chart19:GWIMequityallocationat65%

BofAprivateclientequityholdingsas%ofAUM

Oct'2166%

68%

65%

63%

Oct'2358%

58%

Sep'0757%

53%

AvgMar'20

54%

48%

43%

Feb'09——GWIMEquityas%AUM

39%

38%

'05'07'09'11'13'15'17'19'21'23'25

Source:BofAGlobalinvestmentStrategy

BofAGLOBALRESEARCH

Chart21:GWIMcashallocationat10%

BofAprivateclientcashholdingsas%ofAUM

35%

Feb'09

21%20%

GWMDebtas%AUM

GWMcashas%AUM

Feb'09

34%

33%

31%

29%

27%

Mar'20

14%

May'08

26%Avg

16%

25%

Oct'23

22%

23%

Avg

12%

21%

Jun'07

11%

19%

18%

Mar'2217%

17%

10%'15'17'19'21'23'25

8%

15%

'05'07'09'11'13

'05'07'09'11'13'15'17'19'21'23'25

Source:BofAGlobalinvestmentStrategy

Source:BofAGlobalinvestmentStrategy

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

Chart23:$46bntoT-notesvs$29bntoT-billssince2020

BofAprivateclientcumulativeinflowtoTreasuriessince2020($bn)

Chart22:GWIMequityETFs21%,debtETFs18%ofAUMBofAprivateclientETFholdingsas%ofAUM

CumulativeinflowtoT-billssince2020

T-notes

T-bonds

$46bn

$30bn

$3bn

'20'21'22'23'24'25'26

Source:BofAGlobalinvestmentStrategy

BofAGLOBALRESEARCH

80

70

60

50

40

30

20

10

0

-10

-20

H

5%

0%

'05'07'09'11'13'15'17'19'21'23'25'27

Source:BofAGlobalinvestmentStrategy

BofAGLOBALRESEARC

25%DebtETFs%debtholdings

EquityETFs%equityholdings20%

15%

10%

21%

18%

8

TheAssetClassQuiltofTotalReturns

TheFlowShow|07May2026

Chart24:HistoricalassetclassperformancebyyearRankedcrossassetreturnsbyyear

工

刀

200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*

Commodities

58.2%

US

Treasuries

6.7%

Commodities

39.5%

MSCIEM

56.3%

REITS

32.0%

MSCIEM

34.5%

REITS

37.5%

MSCIEM

39.8%

US

Treasuries

14.0%

MSCIEM

79.0%

Gold

29.2%

US

Treasuries

9.8%

REITS

23.8%

S&P500

32.4%

S&P500

13.7%

S&P500

1.4%

Commodities

17.5%

MSCIEM

37.8%

Cash

1.8%

S&P500

31.5%

Gold

24.8%

Commodities

46.3%

Commodities

31.1%

S&P500

26.3%

Gold

26.7%

Gold

60.7%

Commodities

55.3%

US

Treasuries

13.4%

GlobalIG

4.6%

Gold

25.6%

MSCIEAFE

39.2%

Commodities

28.7%

Commodities

33.7%

MSCIEM

32.6%

Commodities

33.0%

Gold

4.3%

GlobalHY

62.0%

MSCIEM

19.2%

Gold

8.9%

GlobalHY

19.3%

MSCIEAFE

23.3%

REITS

11.7%

US

Treasuries

0.8%

GlobalHY

14.8%

MSCIEAFE

25.9%

US

Treasuries

0.8%

REITS

27.4%

MSCIEM

18.8%

REITS

37.1%

Cash

1.5%

MSCIEAFE

18.9%

S&P500

25.0%

MSCIEM

32.0%

MSCIEM

21.8%

REITS

8.5%

Cash

4.4%

GlobalIG

14.9%

REITS

33.5%

MSCIEM

26.0%

Gold

17.8%

MSCIEAFE

26.9%

Gold

31.9%

Cash

2.1%

MSCIEAFE

32.5%

REITS

15.9%

GlobalIG

4.5%

MSCIEM

18.6%

GlobalHY

8.0%

US

Treasuries

6.0%

Cash

0.1%

S&P500

12.0%

S&P500

22.0%

Gold

-1.9%

MSCIEAFE

22.8%

S&P500

18.4%

S&P500

28.7%

Gold

-0.8%

GlobalHY

13.4%

MSCIEM

8.0%

MSCIEAFE

29.0%

REITS

13.5%

Cash

6.2%

GlobalHY

3.1%

US

Treasuries

11.6%

Commodities

30.1%

MSCIEAFE

20.7%

MSCIEAFE

14.0%

Gold

23.2%

MSCIEAFE

11.6%

GlobalIG

-8.3%

REITS

31.7%

S&P500

15.1%

GlobalHY

2.6%

MSCIEAFE

17.9%

REITS

0.7%

GlobalIG

3.2%

MSCIEAFE

-0.8%

MSCIEM

11.2%

Gold

12.9%

GlobalHY

-3.3%

Commodities

20.1%

GlobalIG

10.3%

MSCIEAFE

11.9%

US

Treasuries

-12.9%

Gold

12.7%

GlobalHY

7.5%

S&P500

18.5%

Gold

8.7%

GlobalIG

3.1%

Gold

-0.7%

Cash

1.8%

GlobalHY

30.7%

GlobalHY

12.4%

REITS

10.7%

S&P500

15.8%

US

Treasuries

9.1%

GlobalHY

-27.9%

S&P500

26.5%

GlobalHY

13.9%

S&P500

2.1%

S&P500

16.0%

GlobalIG

0.1%

Gold

0.1%

REITS

-3.4%

Gold

8.6%

REITS

11.5%

GlobalIG

-3.4%

MSCIEM

18.6%

MSCIEAFE

8.4%

GlobalHY

1.4%

GlobalHY

-13.2%

REITS

11.3%

Commodities

5.5%

GlobalHY

9.9%

MSCIEAFE

8.4%

Gold

-5.4%

MSCIEM

-2.4%

GlobalHY

-1.1%

S&P500

28.7%

S&P500

10.9%

S&P500

4.9%

GlobalHY

13.5%

GlobalIG

7.3%

S&P500

-37.0%

Commodities

26.1%

Commodities

13.3%

Cash

0.1%

GlobalIG

11.1%

Cash

0.1%

Cash

0.0%

GlobalIG

-3.8%

GlobalIG

4.3%

GlobalHY

10.2%

REITS

-3.9%

Gold

17.9%

US

Treasuries

8.2%

Cash

0.0%

MSCIEAFE

-13.9%

MSCIEM

10.1%

Cash

5.3%

GlobalIG

9.8%

S&P500

8.0%

GlobalHY

-5.8%

REITS

-7.8%

REITS

-2.4%

Gold

19.9%

GlobalIG

9.4%

Cash

3.1%

GlobalIG

7.2%

S&P500

5.5%

Commodities

-42.6%

Gold

25.0%

MSCIEAFE

8.2%

Commodities

-2.6%

Gold

8.3%

Commodities

-2.1%

GlobalHY

-0.1%

GlobalHY

-4.2%

REITS

1.3%

GlobalIG

9.3%

S&P500

-4.3%

GlobalHY

13.7%

GlobalHY

8.0%

MSCIEM

-2.3%

GlobalIG

-16.7%

GlobalIG

9.5%

MSCIEAFE

4.4%

US

Treasuries

6.1%

GlobalHY

1.6%

S&P500

-9.1%

S&P500

-11.9%

MSCIEM

-6.0%

GlobalIG

14.5%

Gold

4.6%

US

Treasuries

2.8%

Cash

4.9%

Cash

5.0%

MSCIEAFE

-43.1%

GlobalIG

19.2%

GlobalIG

6.0%

REITS

-9.4%

US

Treasuries

2.2%

MSCIEM

-2.3%

MSCIEM

-1.8%

Gold

-10.4%

US

Treasuries

1.1%

Commodities

7.6%

Commodities

-13.1%

GlobalIG

11.4%

Cash

0.5%

US

Treasuries

-2.4%

S&P500

-18.1%

Cash

5.1%

REITS

3.2%

Commodities

5.9%

Cash

1.2%

MSCIEAFE

-14.0%

MSCIEAFE

-21.2%

MSCIEAFE

-15.7%

US

Treasuries

2.3%

US

Treasuries

3.5%

GlobalHY

1.5%

US

Treasuries

3.1%

GlobalHY

3.0%

REITS

-50.2%

Cash

0.2%

US

Treasuries

5.9%

MSCIEAFE

-11.7%

Cash

0.1%

US

Treasuries

-3.3%

MSCIEAFE

-4.5%

MSCIEM

-14.9%

MSCIEAFE

1.0%

US

Treasuries

2.4%

MSCIEAFE

-13.2%

US

Treasuries

7.0%

REITS

-4.4%

GlobalIG

-3.0%

MSCIEM

-19.8%

US

Treasuries

3.9%

GlobalIG

1.2%

Cash

4.0%

GlobalIG

0.7%

MSCIEM

-30.6%

Commodities

-21.4%

S&P500

-22.1%

Cash

1.1%

Cash

1.3%

GlobalIG

-3.0%

Commodities

-0.2%

REITS

-10.0%

MSCIEM

-53.2%

US

Treasuries

-3.7%

Cash

0.1%

MSCIEM

-18.2%

Commodities

-0.3%

Gold

-27.3%

Commodities

-29.3%

Commodities

-29.4%

Cash

0.3%

Cash

0.8%

MSCIEM

-14.3%

Cash

2.2%

Commodities

-15.0%

Gold

-4.1%

REITS

-25.2%

Commodities

-3.5%

US

Treasuries

0.5%

REITS

3.5%

US

Treasuries

0.3%

Source:BofAGlobalInvestmentStrategy,Bloomberg.*2026YTD

BofAGLOBALRESEARCH

TheFlowShow|07May20269

BofAGLOBALRESEARCH

BofARules&Tools

Table3:BofAGlobalInvestmentStrategyProprietaryIndicators

CurrentreadingofallBofAGlobalInvestmentStrategyProprietaryIndicators

ProprietaryIndicatorsCategory

Current

reading

Currentsignal

Durationof

signal

Contrarian

BofABull&BearIndicator(B&B)Contrarian

7.2

Neutral

1-3months

Sellwheninvestorsentiment>8.0;Buywheninvestorsentiment<2.0

BofAGlobalFMSCashIndicatorContrarian

4.3%

Neutral

4weeks

Buywhencashatorabove5.0%;Sellwhencashatorbelow4.0%

BofAGlobalBreadthRuleContrarian

72.7%