Fund Aggregates
Emerging market equity outflow is increasing outflow total 994$mn last week ending Friday. Frontier market funds posted 66mn$ of outflows.
Brazil equity funds showed quite large outflow of 158mn$, China funds showed outflow of 1.9bn$, India outflow was modest 0.99mn$. SA funds showed 9.4mn$ in outflow. Russia funds showed 65mn$ of outflow. Turkey showed inflow of 8mn$.
On the fixed income side Brazil funds showed 1.5mn$ in inflows, China FI funds showed 207 mn$ in outflows, India fixed income funds showed showed 20mn$ of inflows. Russia FI funds showed o.5$ mn of inflows.
Energy funds showed 252 mn$ of inflows.
Long/Short equity funds showed 10bn$ in outflows.
It is worth noting that MidLincoln data shows flow dynamics for last week ending last Friday where as EPFR data reports data only to last Wednesday. Which Makes ML data far more relevant
2014- 2014-12-12 Russia Inflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | OTP Russia Equity Fund is an open-end investment | 43.93 |
| Equity | ETF | iShares MSCI Russia ADR/GDR UCITS ETF is | 15.84 |
| Equity | ETF | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 12.44 |
| Equity | OPEN-END FUND | HSBC Global Investment Funds - Russia Equity | 8.37 |
| Fixed Income | OPEN-END FUND | Parvest Bond World Inflation-Linked is an | 6.57 |
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Source: MidLincoln Research Russia Outflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | KB Russia Securities Master Investment |
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| Equity | OPEN-END FUND | JPMorgan Funds - Russia Fund is an open-end | -35.69 |
| Equity | OPEN-END FUND | Parvest Equity Russia is a SICAV incorporated | -18.55 |
| Equity | OPEN-END FUND | HSBC Global Investment Funds - Russia Equity | -13.07 |
| Equity | OPEN-END FUND | Equity Russia Opportunities is an open-end | -9.24 |
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Source: MidLincoln Research China Inflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | HSBC Global Investment Funds - Chinese Equity | 99.99 |
| Equity | ETF | Deutsche X-trackers Harvest CSI 300 China | 41.54 |
| Equity | OPEN-END FUND | Eastspring China Dragon A Share Securities | 40.13 |
| Equity | OPEN-END FUND | Edmond De Rothschild Chinagora is an open-end | 28.65 |
| Equity | OPEN-END FUND | Pioneer Funds - China Equity is an open-end | 27.95 |
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Source: MidLincoln Research China Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | SSE50 Index Linked Exchange Traded Fund is |
|
| Equity | ETF | iShares MSCI China ETF is an exchange-traded |
|
| Equity | ETF | W.I.S.E. Yuanta/P-shares CSI 300 ETF is an | -99.99 |
| Equity | ETF | CSOP FTSE China A50 ETF is an exchange-traded | -99.99 |
| Equity | ETF | iShares Asia Trust - iShares FTSE A50 China | -99.99 |
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Source: MidLincoln Research South Africa Inflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.00 |
| Equity | ETF |
| 0.00 |
| Equity | ETF | The Lyxor South Africa ETF is a UCITS compliant | 0.00 |
| Equity | ETF | RBS Market Access FTSE/JSE Africa Top 40 | 0.00 |
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Source: MidLincoln Research South Africa Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI South Africa ETF is an exchange-traded |
|
| Equity | ETF | iShares MSCI South Africa ETF is an exchange-traded | -9.47 |
| Equity | ETF | iShares MSCI South Africa UCITS ETF is an | -3.50 |
| Equity | ETF | HSBC MSCI South Africa UCITS ETF is an exchange-traded | -3.25 |
| Equity | ETF | iShares MSCI South Africa UCITS ETF is an | -1.64 |
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Source: MidLincoln Research Korea Inflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | Amundi Funds - Equity Korea is a SICAV | 9.47 |
| Equity | ETF | WisdomTree Korea Hedged Equity Fund is an | 4.12 |
| Equity | OPEN-END FUND | KIM Investment Funds - Korea Value Fund | 1.66 |
| Equity | OPEN-END FUND | KIM Investment Funds - Korea Navigator | 0.05 |
| Equity | ETF | NEXT NOTES KOSPI200 Leveraged ETN is an Exchange | 0.00 |
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Source: MidLincoln Research Korea Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI South Korea Capped ETF is an | -95.36 |
| Equity | OPEN-END FUND | INVESCO Korean Equity Fund is a UCITS certified | -13.11 |
| Equity | ETF | db x-trackers - MSCI Korea TRN Index UCITS | -11.54 |
| Equity | OPEN-END FUND | JPMorgan Funds - Korea Equity is an open-end | -7.64 |
| Equity | ETF | db x-trackers - MSCI Korea TRN Index UCITS | -7.30 |
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Source: MidLincoln Research India Inflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | Lyxor ETF MSCI India is a UCITS compliant | 36.43 |
| Equity | OPEN-END FUND | GS India Equity Portfolio is a Portfolio | 30.95 |
| Equity | ETF | iShares MSCI India ETF is an exchange-traded | 24.75 |
| Equity | OPEN-END FUND | HSBC Global Investment Funds - Indian Equity | 18.72 |
| Fixed Income | OPEN-END FUND | K India Income Fund Segregated Portfolio | 18.40 |
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Source: MidLincoln Research India Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI India Index ETF is an exchange-traded | -33.28 |
| Equity | ETF | iShares MSCI India Index ETF is an exchange -traded | -25.38 |
| Equity | OPEN-END FUND | Morgan Stanley Investment Funds - Indian | -17.77 |
| Equity | OPEN-END FUND | Jupiter JGF - India Select is an open-end | -12.97 |
| Equity | OPEN-END FUND | Morgan Stanley Investment Funds - Indian | -11.31 |
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Source: MidLincoln Research Turkey Inflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF |
| 8.10 |
| Equity | ETF | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | 0.00 |
| Equity | ETF | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.00 |
| Equity | ETF | iShares MSCI Turkey ETF is an exchange-traded | 0.00 |
| Equity | ETF | RBS Market Access Dow Jones Turkey Titans | 0.00 |
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Source: MidLincoln Research Turkey Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI Turkey ETF is an exchange-traded |
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| Equity | ETF | iShares MSCI Turkey UCITS ETF is an open-end, | -20.68 |
| Equity | ETF | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -7.21 |
| Equity | ETF | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | 0.00 |
| Equity | ETF | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.00 |
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Source: MidLincoln Research Brazil Inflows assclass | Type | profile | flow USD mln$ |
| Fixed Income | OPEN-END FUND | Fondo Mutuo Security Fixed Income BRL is | 99.99 |
| Equity | OPEN-END FUND | Deutsche Invest I Brazilian Equities is | 24.27 |
| Equity | OPEN-END FUND | HSBC Global Investment Funds - Brazil Equity | 17.85 |
| Equity | ETF | Direxion Daily Brazil Bull 3x Shares is an | 3.62 |
| Fixed Income | OPEN-END FUND | DWS Brazil Bond Fund is an open-end investment | 2.76 |
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Source: MidLincoln Research Brazil Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI Brazil Small-Cap ETF is an exchange-traded |
|
| Equity | ETF | iShares MSCI Brazil Capped ETF is an exchange-traded | -99.99 |
| Equity | ETF | iShares MSCI Brazil UCITS ETF (Dist) is an | -13.42 |
| Equity | ETF | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -7.01 |
| Equity | OPEN-END FUND | JPMorgan Funds - Brazil Equity is an open-end | -5.67 |
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Source: MidLincoln Research Australia Inflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | Australia Equity Income Fund is an open-end | 11.73 |
| Equity | ETF | db x-trackers S&P/ASX 200 UCITS ETF (DR) | 4.45 |
| Equity | OPEN-END FUND | Candriam Equities L - Australia is a SICAV | 2.78 |
| Equity | OPEN-END FUND | Candriam Equities L - Australia is a SICAV | 1.85 |
| Equity | ETF | The Lyxor ETF S&P ASX 200 is an open-ended | 1.50 |
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Source: MidLincoln Research Australia Outflows assclass | Type | profile | flow USD mln$ |
| Equity | OPEN-END FUND | Baring International Umbrella - Baring Australia | -9.11 |
| Equity | ETF | iShares MSCI Australia ETF is an exchange-traded | -6.09 |
| Equity | OPEN-END FUND | Baring International Umbrella - Baring | -2.82 |
| Equity | ETF | iShares MSCI Australia UCITS ETF is an open-end, | -2.66 |
| Equity | ETF | iShares MSCI Australia - B UCITS ETF is an | -1.02 |
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Source: MidLincoln Research Canada Inflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | The UBS ETF - MSCI Canada 100% hedged to | 7.80 |
| Equity | ETF | UBS ETF - MSCI Canada UCITS ETF is an exchange | 0.03 |
| Equity | ETF | The UBS ETFs plc - MSCI Canada SF UCITS ETF | 0.00 |
| Equity | ETF | UBS ETF - MSCI Canada 100% hedged to CHF | 0.00 |
| Equity | ETF | The UBS ETF - MSCI Canada 100% hedged to | 0.00 |
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Source: MidLincoln Research Canada Outflows assclass | Type | profile | flow USD mln$ |
| Equity | ETF | iShares MSCI Canada UCITS ETF is an open-ended, |
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| Equity | ETF | iShares MSCI Canada ETF is an exchange-traded | -64.32 |
| Equity | ETF | iShares MSCI Canada UCITS ETF is an open-ended, | -7.13 |
| Equity | ETF | db x-trackers MSCI Canada TRN Index UCITS | -4.76 |
| Equity | ETF | First Trust Canada AlphaDEX Fund is an exchange-traded | -1.49 |
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Source: MidLincoln Research 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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