Weekly Strategy

Dec 16 2014

MidLincoln Research

Aggregates for Funds

BIG Data Global Investment Strategy with focus on GEMs

Midlincoln Aggregates for funds

for week ending last Friday (inclusive)

Between Sep Dec 12 and Dec 5

                                   

Style

Focus

Asset Class

Flow

US$mn

Commodities

INDUSTRIAL METALS

Commodity

-0.54

Commodities

PRECIOUS METAL SECTOR

Equity

64.31

country

AUSTRALIA

Equity

-5.87

country

AUSTRALIA

Fixed Income

-0.88

country

AUSTRALIA

Mixed Allocation

0.01

country

BRAZIL

Equity

-158.44

country

BRAZIL

Fixed Income

1.50

country

CHINA

Equity

-1923.53

country

CHINA

Fixed Income

-207.82

country

INDIA

Equity

0.99

country

INDIA

Fixed Income

20.30

country

ISRAEL

Equity

-0.01

country

JAPAN

Equity

-34121.91

country

JAPAN

Mixed Allocation

-783.46

country

KOREA

Equity

-120.51

country

KOREA

Fixed Income

0.00

country

POLAND

Equity

-9.30

country

RUSSIA

Equity

-65.43

country

RUSSIA

Fixed Income

0.55

country

SOUTH AFRICA

Equity

-9.48

country

SPAIN

Equity

-6.07

country

TURKEY

Equity

8.10

country

UNITED KINGDOM

Equity

-11.85

industry

BASIC MATERIALS SECTOR

Equity

-22.99

industry

COMMUNICATIONS SECTOR

Equity

0.37

industry

ENERGY SECTOR

Equity

257.46

industry

FINANCIAL SECTOR

Equity

102.25

industry

HEALTH CARE SECTOR

Equity

359.84

industry

INDUSTRIAL SECTOR

Equity

-3.48

industry

NATURAL RESOURCES SECTOR

Equity

-211.87

industry

REAL ESTATE SECTOR

Equity

321.08

industry

TECHNOLOGY SECTOR

Equity

55.50

industry

UTILITIES SECTOR

Equity

-6.30

region

AFRICAN REGION

Equity

-8.14

region

AFRICAN REGION

Fixed Income

-0.04

region

ASIAN PACIFIC REGION

Alternative

0.07

region

ASIAN PACIFIC REGION

Equity

-156.85

region

ASIAN PACIFIC REGION

Fixed Income

-23.22

region

ASIAN PACIFIC REGION EX JAPAN

Equity

126.57

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

0.08

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

-0.01

region

EASTERN EUROPEAN REGION

Equity

-31.53

region

EASTERN EUROPEAN REGION

Fixed Income

-1.28

region

EUROPEAN REGION

Equity

-182.29

region

EUROPEAN REGION

Fixed Income

474.23

region

LATIN AMERICAN REGION

Equity

-77.79

region

LATIN AMERICAN REGION

Fixed Income

0.60

region

MIDDLE EAST REGION

Equity

-2.24

region

NORDIC REGION

Equity

74.50

region

NORTH AMERICAN REGION

Equity

-2.59

region

NORTH AMERICAN REGION

Fixed Income

-0.57

Risk

GOVERNMENT BOND

Fixed Income

282.13

Risk

INFLATION PROTECTED

Fixed Income

273.25

Risk

LONG SHORT

Alternative

-54.07

Risk

LONG SHORT

Equity

-10208.91

Risk

LONG SHORT

Fixed Income

15.56

segment

BRIC

Equity

-55.17

segment

BRIC

Fixed Income

0.32

segment

DEVELOPED MARKETS

Equity

-119.07

segment

EMEA

Equity

-0.54

segment

EMERGING MARKETS

Equity

-994.66

segment

GCC

Equity

-0.49

segment

MENA

Equity

-10.67

segment

MENA

Fixed Income

1.74

Size

LARGE-CAP

Alternative

8.04

Size

LARGE-CAP

Equity

1624.36

Size

MID-CAP

Equity

98.12

Size

SMALL-CAP

Equity

224.76

                                                                      

                                   

Source: Midlincoln Research

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

Source: MidLincoln Research

Russia Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

KB Russia Securities Master Investment

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

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

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

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

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

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

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

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

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

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

Source: MidLincoln Research

Turkey Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Turkey ETF is an exchange-traded

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

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

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

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

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

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

Source: MidLincoln Research

Canada Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Canada UCITS ETF is an open-ended,

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

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

       

 Dec 16 2014· Midlincoln Research · midlincoln.com