Weekly Strategy

Dec 8 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 5 and Nov 28

                                   

Focus

Objective

Asset Class

Flow US mn$

Commodities

INDUSTRIAL METALS

Commodity

-12.7

Commodities

PRECIOUS METAL SECTOR

Equity

-13.1

country

AUSTRALIA

Equity

9.9

country

AUSTRALIA

Fixed Income

-0.2

country

AUSTRALIA

Mixed Allocation

-0.2

country

BRAZIL

Equity

-1681.1

country

BRAZIL

Fixed Income

-2.1

country

CHINA

Equity

-1851.7

country

CHINA

Fixed Income

11.3

country

INDIA

Equity

-16.9

country

INDIA

Fixed Income

70.3

country

ISRAEL

Equity

-1.5

country

JAPAN

Equity

21586.0

country

JAPAN

Mixed Allocation

1790.3

country

KOREA

Equity

-19.6

country

KOREA

Fixed Income

0.0

country

POLAND

Equity

-4.0

country

RUSSIA

Equity

-16.9

country

RUSSIA

Fixed Income

0.1

country

SOUTH AFRICA

Equity

-2.8

country

SPAIN

Equity

0.0

country

TURKEY

Equity

2.1

country

UNITED KINGDOM

Equity

-10.7

industry

BASIC MATERIALS SECTOR

Equity

29.7

industry

COMMUNICATIONS SECTOR

Equity

2.6

industry

ENERGY SECTOR

Equity

22.5

industry

FINANCIAL SECTOR

Equity

-15.1

industry

HEALTH CARE SECTOR

Equity

292.2

industry

INDUSTRIAL SECTOR

Equity

5.8

industry

NATURAL RESOURCES SECTOR

Equity

-117.5

industry

REAL ESTATE SECTOR

Equity

41.7

industry

TECHNOLOGY SECTOR

Equity

3.4

industry

UTILITIES SECTOR

Equity

13.1

region

AFRICAN REGION

Equity

-7.3

region

AFRICAN REGION

Fixed Income

0.0

region

ASIAN PACIFIC REGION

Alternative

0.1

region

ASIAN PACIFIC REGION

Equity

           

0.0

region

ASIAN PACIFIC REGION

Equity

-60.1

region

ASIAN PACIFIC REGION

Fixed Income

-22.2

region

ASIAN PACIFIC REGION EX JAPAN

Equity

213.0

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

0.1

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

-0.3

region

EASTERN EUROPEAN REGION

Equity

-17.2

region

EASTERN EUROPEAN REGION

Fixed Income

-0.1

region

EUROPEAN REGION

Equity

1052.6

region

EUROPEAN REGION

Fixed Income

912.8

region

LATIN AMERICAN REGION

Equity

-13.0

region

LATIN AMERICAN REGION

Fixed Income

3.7

region

MIDDLE EAST REGION

Equity

-0.1

region

NORDIC REGION

Equity

-19.8

region

NORTH AMERICAN REGION

Equity

-38.2

region

NORTH AMERICAN REGION

Fixed Income

-0.5

Risk

GOVERNMENT BOND

Fixed Income

-71.4

Risk

INFLATION PROTECTED

Fixed Income

33.3

Risk

LONG SHORT

Alternative

695.0

Risk

LONG SHORT

Equity

4499.4

Risk

LONG SHORT

Fixed Income

2.9

Risk

LONG SHORT

Specialty

0.7

segment

BRIC

Equity

-59.5

segment

BRIC

Fixed Income

-1.3

segment

DEVELOPED MARKETS

Equity

375.2

segment

EMEA

Equity

-0.7

segment

EMERGING MARKETS

Equity

-202.6

segment

GCC

Equity

-0.9

segment

MENA

Equity

-3.6

segment

MENA

Fixed Income

0.7

Size

LARGE-CAP

Alternative

-4.6

Size

LARGE-CAP

Equity

2676.8

Size

MID-CAP

Equity

-117.8

Size

SMALL-CAP

Equity

25.2

                                                                      

                                   

Source: Midlincoln Research

Fund Aggregates

Emerging market equity outflow  is increasing down 202$mn  last week ending Friday. Frontier market funds posted 11mn$ of outflows.

Brazil equity funds showed quite large outflow of 1.8bn$, China funds showed outflow of 1.8bn$, India outflow was modest 17mn$.  Russia funds showed 17mn$ of outflow. Turkey showed inflow of 2mn$

On the fixed income side Brazil funds showed 2.1mn$ in outflows, China FI funds showed 11 mn$ of inflows, India fixed income funds inflow was 70mn$.

Energy funds showed  22mn$ of inflows.

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

2014-12-05

Russia Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Russia ADR/GDR UCITS ETF is

33.69

Equity

ETF

Direxion Daily Russia Bull 3x Shares is an

10.12

Equity

OPEN-END FUND

HSBC Global Investment Funds - Russia Equity

8.41

Equity

OPEN-END FUND

HSBC Global Investment Funds - Russia Equity

1.94

Fixed Income

OPEN-END FUND

Parvest Bond World Inflation-Linked is an

1.19

Source: MidLincoln Research

Russia Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

The Baring Russia Fund is a SICAV incorporated

Equity

OPEN-END FUND

Mirae Asset Russia Industry Representative

Equity

OPEN-END FUND

Mirae Asset 0000217C Russia Industry

Equity

OPEN-END FUND

Mirae Asset Russia Industry 000021C2 Representative

Equity

OPEN-END FUND

Mirae Asset R 00002166 ussia Industry

Source: MidLincoln Research

China Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Schroder China Growth Securities Feeder

93.40

Equity

OPEN-END FUND

Eastspring China Securities Feeder Investment

91.33

Equity

ETF

Deutsche X-trackers Harvest CSI 300 China

26.15

Equity

OPEN-END FUND

Pioneer Funds - China Equity is an open-end

20.69

Equity

ETF

Fubon SSE 180 Index ETF is an exchange-traded

17.70

Source: MidLincoln Research

China Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

Mirae Asset Tiger China ETF is an Exchange

Equity

ETF

Mirae Asset Tiger China A300 ETF is an ETF

Equity

OPEN-END FUND

Mirae Asset Tiger China A Shares Securities

Equity

FUND OF FUNDS

Mirae Asset Tiger China A Shares Securities

Equity

FUND OF FUNDS

Mirae Asset China H Leverage Installment

Source: MidLincoln Research

South Africa Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

HSBC MSCI South Africa UCITS ETF is an exchange-traded

3.29

Equity

ETF

iShares MSCI South Africa - B UCITS ETF is

0.20

Equity

ETF

NEXT FUNDS FTSE/JSE Africa Top40 Linked

0.01

Equity

ETF

NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange

0.01

Equity

ETF

iShares MSCI South Africa UCITS ETF is an

-0.04

Source: MidLincoln Research

South Africa Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI South Africa ETF is an exchange-traded

-2.82

Equity

ETF

The Lyxor South Africa ETF is a UCITS compliant

-2.44

Equity

ETF

RBS Market Access FTSE/JSE Africa Top 40

-0.52

Equity

ETF

iShares MSCI South Africa UCITS ETF is an

-0.04

Equity

ETF

NEXT FUNDS FTSE/JSE Africa Top40 Linked

0.01

Source: MidLincoln Research

Korea Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

2.72

Equity

ETF

Direxion Daily Korea Bull 3x Shares is an

1.73

Equity

OPEN-END FUND

Enhanced South Korea Index Fund is an open-end

1.21

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

0.28

Equity

CLOSED-END FUND

Korea Equity Fund, Inc. is a non-diversified,

0.07

Source: MidLincoln Research

Korea Outflows

assclass

Type

profile

flow USD mln$

Equity

FUND OF FUNDS

Baring Korea Feeder Fund is an open-end

Equity

ETF

iShares MSCI South Korea Capped ETF is an

-18.53

Equity

ETF

iShares MSCI Korea UCITS ETF (Dist) is an

-14.78

Equity

OPEN-END FUND

Mirae Asset Global Discovery Fund - Korea

-12.49

Equity

OPEN-END FUND

JPMorgan Korea Fund is a unit trust incorporated

-7.80

Source: MidLincoln Research

India Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Aberdeen Global - India Equity Fund is a

99.99

Equity

OPEN-END FUND

Aberdeen Global - India Equity Fund is

99.99

Equity

OPEN-END FUND

Aberdeen Global - India Equity Fund is

99.99

Equity

OPEN-END FUND

Aberdeen Global - India Equity Fund is

99.99

Equity

OPEN-END FUND

Matthews India Fund is an open-end fund

87.60

Source: MidLincoln Research

India Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Baring Investment Funds - India Fund is

Equity

OPEN-END FUND

Jupiter JGF - India Select is an open-end

Equity

OPEN-END FUND

Jupiter JGF - India Select is an open-end

Equity

OPEN-END FUND

Jupiter India Fund is an authorised Unit

Equity

OPEN-END FUND

JPMorgan Funds - India Fund is an open-end

-31.62

Source: MidLincoln Research

Turkey Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Turkey ETF is an exchange-traded

2.09

Equity

ETF

iShares MSCI Turkey UCITS ETF is an open-end,

0.64

Equity

ETF

DJ TURKEY TITANS 20 THEAM EASY UCITS ETF

0.00

Equity

ETF

UBS ETF - MSCI Turkey UCITS ETF is an exchange

0.00

Equity

ETF

db x-trackers MSCI Turkey Index UCITS ETF

0.00

Source: MidLincoln Research

Turkey Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

The Lyxor ETF Turkey (DJ Turkey Titans 20)

-2.42

Equity

ETF

HSBC MSCI TURKEY UCITS ETF is an open-end,

-2.00

Equity

ETF

RBS Market Access Dow Jones Turkey Titans

-1.83

Equity

ETF

DJ TURKEY TITANS 20 THEAM EASY UCITS ETF

0.00

Equity

ETF

UBS ETF - MSCI Turkey UCITS ETF is an exchange

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

Fama Brazil Fund - Futurwatch is an open-end

88.09

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

3.56

Equity

OPEN-END FUND

Fonditalia - Equity Brazil (F33) is an

2.53

Equity

ETF

EasyETF DJ Brazil 15 is an exchange-traded

2.27

Source: MidLincoln Research

Brazil Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Eurizon MM Collection Fund - Itau Equity

Equity

OPEN-END FUND

Jyske Invest Brasilianske Aktier is an open-end

Equity

OPEN-END FUND

Deutsche Invest I Brazilian Equities is

-99.99

Equity

ETF

iShares MSCI Brazil Capped ETF is an exchange-traded

-99.99

Equity

OPEN-END FUND

Victoire Brasil Investment Funds - Select

-11.94

Source: MidLincoln Research

Australia Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Australia Equity Income Fund is an open-end

9.29

Equity

ETF

iShares MSCI Australia - B UCITS ETF is an

4.16

Equity

OPEN-END FUND

Swisscanto AST Avant Aktien Ausland Index

2.02

Equity

ETF

iShares MSCI Australia UCITS ETF is an open-end,

1.13

Fixed Income

OPEN-END FUND

0.55

Source: MidLincoln Research

Australia Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Baring International Umbrella - Baring

Equity

OPEN-END FUND

Baring International Umbrella - Baring

Equity

OPEN-END FUND

Baring International Umbrella - Baring Australia

Equity

OPEN-END FUND

JPMorgan Australia Fund is a unit trust

-2.88

Equity

OPEN-END FUND

Candriam Equities L - Australia is a SICAV

-1.99

Source: MidLincoln Research

Canada Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

The UBS ETFs plc - MSCI Canada SF UCITS ETF

1.29

Equity

ETF

UBS ETF - MSCI Canada 100% hedged to CHF

0.00

Equity

ETF

The UBS ETF - MSCI Canada 100% hedged to

0.00

Equity

ETF

The UBS ETF - MSCI Canada 100% hedged to

0.00

Equity

ETF

Lyxor ETF Canada (S&P TSX 60)-A is an open-ended

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

-9.73

Equity

ETF

HSBC MSCI Canada UCITS ETF is an exchange-traded

-0.36

Equity

ETF

iShares MSCI Canada UCITS ETF is an open-ended,

-0.14

Equity

ETF

UBS ETF - MSCI Canada UCITS ETF is an exchange

-0.01

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 8 2014· Midlincoln Research · midlincoln.com