Buying the dip was a great strategy while the market skyrocketed last year, as investors picked up cheap shares that bounced back. But the same investors who braved the dips last year are forgoing them now, contends an article from Chief Investment Officer.

Amidst geopolitical tensions, inflation, and general market volatility, the S&P 500 dropped 1.3% the first week in March, and much of that drop can be attributed to the investors who were once net buyers and are now net sellers of $1.3 billion of U.S. stock. According to Bank of America Securities, many of those sellers were hedge funds while both retail and institutional investors continue to buy the dip. In fact, during this current dip, retail investors have been some of the most aggressive buyers.

Bank of America strategist Jill Carey Hall wrote in a research note that “S&P 500 returns following periods of retail inflows have been above-average and returns post-retail selling have been below average, with retail flows a slightly better positive indicator than hedge fund flows.” That contradicts the old adage about retail investors being “dumb money.” As for the sectors that retail investors are pouring the money into? Communications services, financials and industrials, Bank of America found.