Investors betting defensive stock market plays will win as they sold tech, financials

Health-care stocks saw inflows of $800 million, giving the sector a total of $5.5 billion in inflows for the past three months. The S&P health-care sector has been the top performer so far this quarter, and is up 8.6 percent since the end of June.

At the same time, investors shaved tech holdings by a net $500 million, the biggest tech outflow since the February sell-off, BofA said. There were also big flows from financial stocks, with a net outflow of $1.2 billion.

BofA notes that the top five performing sectors for the past three months have all been defensive — staples, utilities, REITs, health care and telecommunications.

Investors also continued to exit European stocks, for a 23rd week, with outflows of $2.9 billion. Emerging market outflows were small, at $200 million. Investors also sold gold, down $500 million.

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