Investors threw $45.6 billion into cash funds in the week to March 24, the largest inflow since April 2020 and ratcheted up exposure to U.S. inflation protection, BofA’s flow data showed on Friday. Treasury Inflation-Protected Securities (TIPS) funds saw an inflow of $1.8 billion, their third largest inflow ever, BofA said. The U.S. central bank has committed to holding rates near zero for years to come, which investors fear could spur higher inflation given a strong economic recovery. U.S. Treasury 10-year yields reached a one-year highs of 1.75% on March 18 but have retreated since and currently stand at 1.65%. The week also saw the first outflow out of the tech sector since September 2020. The rise in borrowing costs and expectations that cyclicals stocks tied to the economic rebound will outperform has dented the premium investors are willing to pay for so-called growth stocks. U.S. growth funds saw outflows of $2.3 billion. The Nasdaq, home of IT and tech giants Apple, Microsoft and Amazon has underperformed the broader market so far this year, losing 0.8% against a gain of 6.6% for the Dow Jones index. BofA also reported the largest flows towards emerging market debt in six weeks with $1.4 billion and a $2.7 billion inflow into Japanese equities, the largest in 21 weeks.