Equity funds posted $6.3 billion in inflows, with emerging markets funds recording their second straight weekly inflow, with $4.3 billion, and European equity funds posting their 38th weekly outflow, down $900 million, BofA said in its weekly "Flow Show" report, citing data from EPFR.
Stocks got a boost last week from a belief among investors over the prospect of the Federal Reserve shifting the pace of rate hikes down a gear, as the economy shows signs of slowing.
Fed Chair Jerome Powell has since poured cold water over such speculation, given stubbornly high inflation and a resilient labour market.
"Easy to pivot when unemployment is 8% and inflation is 3%. Much harder to pivot when inflation is 8% & unemployment is 3%," BofA investment strategist Michael Hartnett wrote.
The bank's "Bull & Bear indicator" stayed at 0 for a seventh week, marking its longest period of "max bearish" since the 2008-2009 financial crisis.
(Reporting by Amanda Cooper; Editing by Dhara Ranasinghe)
