Professional investors have been using the market's record-setting run as an opportunity to take profits, while retail investors have been doing much of the heavy lifting in the latest run of the three-year-old bull market. Hedge funds and other institutional clients have been the biggest net sellers of single stocks and exchange-traded funds this year, unloading more than $67 billion worth of equities in 2025, according to the latest client-flow data from Bank of America. Retail investors have