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First-quarter flows to tech stocks third largest on record

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LONDON (Reuters) – Tech stocks saw inflows of $18.6 billion in the first quarter of the year, the third largest quarterly inflow on record, and also attracted funds in the past week, along with large flows to cash and bonds, Bank of America Global Research said Friday.

Cash equivalent money market funds saw $81.8 billion of inflows in the week to Wednesday, the largest in 13 weeks, BofA said in its weekly roundup of flows in and out of world markets, which cites data from EPFR.

The bank attributed that inflow to quarter-end effects.

There were $14.2 billion of inflows to stocks in general, with $1.1 billion to tech specifically, and $13.4 billion to bonds in the week, BofA said.

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