Midlincoln Aggregates for funds Between Friday Sep 5 and August 27 Style | Objective | Asset Class | Flow US mln$ | Commodities | INDUSTRIAL METALS | Commodity | -12,04 | Commodities | PRECIOUS METAL SECTOR | Equity | 36,08 | country | AUSTRALIA | Equity | -24,19 | country | AUSTRALIA | Fixed Income | 0,48 | country | BRAZIL | Equity | 185,26 | country | BRAZIL | Fixed Income | -10,70 | country | CHINA | Equity | -12219,91 | country | CHINA | Fixed Income | 27,25 | country | INDIA | Equity | 0,73 | country | INDIA | Fixed Income | 1,29 | country | ISRAEL | Equity | 0,00 | country | JAPAN | Equity | 7158,01 | country | JAPAN | Mixed Allocation | 1002,40 | country | KOREA | Equity | 7,64 | country | KOREA | Fixed Income | 0,00 | country | POLAND | Equity | -7,98 | country | RUSSIA | Equity | 176,55 | country | RUSSIA | Fixed Income | -0,74 | country | SOUTH AFRICA | Equity | 0,15 | country | SPAIN | Equity | -9,69 | country | TURKEY | Equity | 10,93 | country | UK | Equity | 192,90 | industry | BASIC MATERIALS SECTOR | Equity | -3,07 | industry | COMMUNICATIONS SECTOR | Equity | 3,99 | industry | ENERGY SECTOR | Equity | 197,91 | industry | FINANCIAL SECTOR | Equity | -12,60 | industry | HEALTH CARE SECTOR | Equity | 24,14 | industry | INDUSTRIAL SECTOR | Equity | -15,01 | industry | NATURAL RESOURCES SECTOR | Equity | -50,44 | industry | REAL ESTATE SECTOR | Equity | 42,92 | industry | TECHNOLOGY SECTOR | Equity | -84,12 | industry | UTILITIES SECTOR | Equity | 78,79 | region | AFRICAN REGION | Equity | -26,04 | region | AFRICAN REGION | Fixed Income | -0,17 | region | ASIAN PACIFIC REGION | Equity | -25,22 | region | ASIAN PACIFIC REGION | Fixed Income | 10,90 | region | ASIAN PACIFIC REGION EX JAPAN | Equity | 159,49 | region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -1,28 | region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -0,01 | region | EASTERN EUROPEAN REGION | Equity | -185,46 | region | EASTERN EUROPEAN REGION | Fixed Income | -0,15 | region | EUROPEAN REGION | Equity | 60,23 | region | EUROPEAN REGION | Fixed Income | 587,81 | region | LATIN AMERICAN REGION | Equity | 88,06 | region | LATIN AMERICAN REGION | Fixed Income | -2,42 | region | MIDDLE EAST REGION | Equity | -0,28 | region | NORDIC REGION | Equity | -0,89 | region | NORTH AMERICAN REGION | Equity | 38,50 | region | NORTH AMERICAN REGION | Fixed Income | -0,06 | Risk | GOVERNMENT BOND | Fixed Income | 319,83 | Risk | INFLATION PROTECTED | Fixed Income | 39,74 | Risk | LONG SHORT | Alternative | 19,14 | Risk | LONG SHORT | Equity | 4895,62 | Risk | LONG SHORT | Fixed Income | 0,38 | segment | BRIC | Equity | -237,99 | segment | BRIC | Fixed Income | -0,47 | segment | DEVELOPED MARKETS | Equity | 353,76 | segment | EMEA | Equity | -0,93 | segment | EMERGING MARKETS | Equity | 382,06 | segment | GCC | Equity | -0,37 | segment | MENA | Equity | -1,75 | segment | MENA | Fixed Income | 0,60 | Size | LARGE-CAP | Alternative | 5,16 | Size | LARGE-CAP | Equity | -1656 | Size | MID-CAP | Equity | 40,69 | Size | SMALL-CAP | Equity | 134,01 |
Source: Midlincoln Research
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| Fund Flow Aggregates
As a result of technological upgrades we were able to switch dates for our fund flow weekly report to track fund flow for the week finishing on Friday the previous week rather than Wednesday as we used to and as many other houses on the street do. This will eliminate the lag in fund flow reports and will help to make fund flow analysis much more relevant to the current market situation.
Equity Fund Flow is mixed. China posted substantial outflows, and this could be problematic if the fund outflows front run some sort of bad economic outcome in China. Overall GEM fund flow is still small inflow of c.384 mn$. Brazil showed inflow of 186mn$. BRIC funds showed 237 mn$ of outflows. Russia inflow was 176 mn$. India inflow was 1.2mn$. Poland funds whoed 10mn$. Australia funds showed 24mn$ of outflows.
Fixed Income fund flow is quiet Brazil funds showed outflows of 10$mn, Russia funds showed -0.74mn$.
Sector funds show outflows except energy, healthcare and real estate.
Top 5 funds receiving inflows and Top 5 funds posting outflow focusing on one of the 9 countries in the BRICS +Turkey+SK+ Australia +Canada space. We call this universe CRABSTICKS.
2014-09-05 Russia Inflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | East Capital Lux - | 99.99 |
| Equity | ETF | iShares MSCI Russia ADR/GDR | 38.36 |
| Equity | OPEN-END FUND | East Capital Lux - Russian | 23.50 |
| Equity | OPEN-END FUND | JPMorgan Funds - Russia | 13.46 |
| Equity | ETF | Direxion Daily Russia | 12.64 |
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Source: MidLincoln Research
Russia Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Swedbank Robur Rysslandsfonden | -6.56 |
| Equity | OPEN-END FUND | East Capital - Russian | -6.46 |
| Equity | OPEN-END FUND | SEB Fund 2 - SEB Russia | -3.39 |
| Equity | OPEN-END FUND | DWS Russia is an open-end | -2.44 |
| Equity | OPEN-END FUND | SEB Fund 2 - SEB Russia | -1.63 |
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Source: MidLincoln Research
China Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | Hang Seng Investment | 99.99 |
| Equity | ETF | Bosera FTSE China A50 | 88.04 |
| Equity | ETF | ChinaAMC ETF Series - | 81.36 |
| Equity | OPEN-END FUND | KB China Securities | 40.52 |
| Equity | ETF | Deutsche X-trackers Harvest | 39.98 |
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Source: MidLincoln Research
China Outflows
assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Shinhan BNPP Bonjour | -99.99 |
| Equity | OPEN-END FUND | Mirae Asset China Solomon | -99.99 |
| Equity | ETF | Direxion Daily FTSE China | -99.99 |
| Equity | OPEN-END FUND | Shinhan BNPP Bonjour | -31.14 |
| Equity | OPEN-END FUND | First State Global | -17.88 |
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Source: MidLincoln Research
South Africa Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI South Africa | 0.12 |
| Equity | ETF | iShares MSCI South Africa | 0.04 |
| Equity | ETF | NEXT FUNDS FTSE/JSE | 0.00 |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa | 0.00 |
| Equity | ETF | iShares MSCI South Africa | 0.00 |
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Source: MidLincoln Research
South Africa Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | NEXT FUNDS FTSE/JSE | 0.00 |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa | 0.00 |
| Equity | ETF | iShares MSCI South Africa | 0.00 |
| Equity | ETF | iShares MSCI South Africa | 0.04 |
| Equity | ETF | iShares MSCI South Africa | 0.12 |
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Source: MidLincoln Research
Korea Inflows
assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Korea UCITS | 52.76 |
| Equity | OPEN-END FUND | INVESCO Korean Equity | 6.93 |
| Equity | FUND OF FUNDS | Baring Korea Feeder | 2.32 |
| Equity | CLOSED-END FUND | Korea Equity Fund, | 0.01 |
| Equity | ETF | Value Korea ETF is an | 0.00 |
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Source: MidLincoln Research
Korea Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI South Korea | -44.70 |
| Equity | OPEN-END FUND | JPMorgan Funds - Korea | -5.38 |
| Equity | OPEN-END FUND | KIM Investment Funds | -1.34 |
| Equity | OPEN-END FUND | JPMorgan Funds - Korea | -1.31 |
| Equity | OPEN-END FUND | KIM Investment Funds | -1.04 |
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Source: MidLincoln Research
India Inflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | GS India Equity Portfolio | 32.99 |
| Equity | ETF | iShares MSCI India ETF | 10.36 |
| Equity | OPEN-END FUND | Jupiter Global Fund - | 9.63 |
| Equity | ETF | iShares India 50 ETF | 9.35 |
| Equity | ETF | WisdomTree India Earnings | 7.76 |
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Source: MidLincoln Research
India Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | JPMorgan Funds - India | -66.99 |
| Equity | ETF | Direxion Daily India | -5.51 |
| Equity | ETF | iPath MSCI India Index | -3.88 |
| Equity | OPEN-END FUND | Pictet - Indian Equities | -3.34 |
| Equity | OPEN-END FUND | Mirae Asset India Discovery | -2.67 |
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Source: MidLincoln Research Turkey Inflows
assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Turkey UCITS | 13.78 |
| Equity | ETF | iShares MSCI Turkey ETF | -2.85 |
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Source: MidLincoln Research
Turkey Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Turkey ETF | -2.85 |
| Equity | ETF | iShares MSCI Turkey UCITS | 13.78 |
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Source: MidLincoln Research
Brazil Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Brazil Capped | 81.40 |
| Equity | ETF | iShares MSCI Brazil UCITS | 45.98 |
| Equity | OPEN-END FUND | Deutsche Invest I Brazilian | 18.81 |
| Equity | OPEN-END FUND | Deutsche Invest I Brazilian | 15.77 |
| Equity | OPEN-END FUND | Deutsche DWS Brussia | 9.43 |
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Source: MidLincoln Research
Brazil Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Brazil UCITS | -5.96 |
| Fixed Income | OPEN-END FUND | DWS Brazil Bond Fund | -5.02 |
| Equity | OPEN-END FUND |
| -2.68 |
| Equity | OPEN-END FUND | SH BNPP Bonjour Great | -2.09 |
| Fixed Income | OPEN-END FUND | Santander FIC FI Renda | -1.95 |
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Source: MidLincoln Research
Australia Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Australia | 4.20 |
| Equity | ETF | iShares MSCI Australia | 2.11 |
| Fixed Income | OPEN-END FUND |
| 0.81 |
| Equity | OPEN-END FUND | NESTOR Australien Fonds | 0.33 |
| Equity | OPEN-END FUND | UBS (Lux) Equity Fund | 0.24 |
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Source: MidLincoln Research
Australia Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Australia Equity Income | -27.63 |
| Equity | OPEN-END FUND | Baring International | -2.39 |
| Equity | OPEN-END FUND | Baring International | -1.96 |
| Equity | ETF | iShares MSCI Australia | -0.26 |
| Fixed Income | OPEN-END FUND | Daiwa Bond Fund Series | -0.14 |
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Source: MidLincoln Research
Canada Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Canada ETF | 68.94 |
| Equity | ETF | First Trust Canada AlphaDEX | 19.34 |
| Equity | ETF | iShares MSCI Canada Small-Cap | 0.00 |
| Equity | ETF | iShares MSCI Canada - | -3.25 |
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Source: MidLincoln Research
Canada Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Canada - | -3.25 |
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Source: MidLincoln Research
Good luck! And don’t stay out of the market for too long. As the policy of being too cautious is the greatest risk of all.
Ovanes Oganisyan research@midlincoln.com
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