BofA Has Been Wildly Successful At Selling The 'Great Rotation' To Retail Clients (And That's About It)

If you're looking for evidence of a "Great Rotation" out of bond funds and into equity funds this year, look no further than private clients of Bank of America Merrill Lynch, one of Wall Street's biggest retail brokerages. This group of retail investors - apart from BAML's institutional and hedge fund clients - has poured $23 billion into equity funds in 2013, while redeeming $21 billion from funds invested in bonds and cash. That's a textbook example of the Great Rotation, a term coined by BAML...