Weekly Strategy

Nov 17 2014

MidLincoln Research

Aggregates for Funds

Global Investment Strategy with focus on Emerging markets 

Midlincoln Aggregates for funds

for week ending last Friday (inclusive)

Between Sep Nov 14 and Nov 7

                                   

Style

Objective

Asset Class

Flow US$mn

Commodities

INDUSTRIAL METALS

Commodity

-18.66

Commodities

PRECIOUS METAL SECTOR

Equity

1.39

country

AUSTRALIA

Equity

14.37

country

AUSTRALIA

Fixed Income

-6.15

country

AUSTRALIA

Mixed Allocation

0.05

country

BRAZIL

Equity

-131.16

country

BRAZIL

Fixed Income

-0.98

country

CHINA

Equity

-46.17

country

CHINA

Fixed Income

27.61

country

INDIA

Equity

129.96

country

INDIA

Fixed Income

-172.45

country

ISRAEL

Equity

0.00

country

JAPAN

Equity

66667.87

country

JAPAN

Mixed Allocation

4987.23

country

KOREA

Equity

-8.78

country

KOREA

Fixed Income

0.00

country

POLAND

Equity

-10.86

country

RUSSIA

Equity

6.43

country

RUSSIA

Fixed Income

0.25

country

SOUTH AFRICA

Equity

0.84

country

SPAIN

Equity

-12.93

country

TURKEY

Equity

1.36

country

UNITED KINGDOM

Equity

66.95

industry

BASIC MATERIALS SECTOR

Equity

-17.77

industry

COMMUNICATIONS SECTOR

Equity

3.37

industry

ENERGY SECTOR

Equity

116.31

industry

FINANCIAL SECTOR

Equity

-7.19

industry

HEALTH CARE SECTOR

Equity

275.68

industry

INDUSTRIAL SECTOR

Equity

7.18

industry

NATURAL RESOURCES SECTOR

Equity

1.42

industry

REAL ESTATE SECTOR

Equity

90.32

industry

TECHNOLOGY SECTOR

Equity

8.32

industry

UTILITIES SECTOR

Equity

-77.72

region

AFRICAN REGION

Equity

-16.65

region

AFRICAN REGION

Fixed Income

-0.09

region

ASIAN PACIFIC REGION

Equity

-66.75

region

ASIAN PACIFIC REGION

Fixed Income

48.27

region

ASIAN PACIFIC REGION EX JAPAN

Equity

69.71

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

-0.32

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

0.00

region

EASTERN EUROPEAN REGION

Equity

-21.87

region

EASTERN EUROPEAN REGION

Fixed Income

-1.64

region

EUROPEAN REGION

Equity

903.41

region

EUROPEAN REGION

Fixed Income

914.97

region

LATIN AMERICAN REGION

Equity

-54.32

region

LATIN AMERICAN REGION

Fixed Income

-2.11

region

MIDDLE EAST REGION

Equity

-0.47

region

NORDIC REGION

Equity

-32.97

region

NORTH AMERICAN REGION

Equity

86.12

region

NORTH AMERICAN REGION

Fixed Income

-0.16

Risk

GOVERNMENT BOND

Fixed Income

165.64

Risk

INFLATION PROTECTED

Fixed Income

-27.88

Risk

LONG SHORT

Alternative

74.17

Risk

LONG SHORT

Equity

-9113.85

Risk

LONG SHORT

Fixed Income

102.28

Risk

LONG SHORT

Specialty

0.21

segment

BRIC

Equity

-34.18

segment

BRIC

Fixed Income

-0.49

segment

DEVELOPED MARKETS

Equity

322.05

segment

EMEA

Equity

-0.32

segment

EMERGING MARKETS

Equity

51.36

segment

GCC

Equity

-0.99

segment

MENA

Equity

-0.57

segment

MENA

Fixed Income

1.67

Size

LARGE-CAP

Alternative

-1.13

Size

LARGE-CAP

Equity

-2453.90

Size

MID-CAP

Equity

1747.32

Size

SMALL-CAP

Equity

64.09

                                           

                                   

Source: Midlincoln Research

Fund Aggregates

GEM equity inflows are still positive, last week’s 51mn$ inflow marked a month of positive GEM inflows. But individual countries show that flow trade is far from obvious.

Brazil equity funds showed 131 mn$ of outflow, China funds showed 46 mn$ in outflows, India was in the inflow mode registering 129 mn$ in inflows. Korea funds showed outflow of 8.7mn$. Russia funds showed inflow of US$ 6.4$ mn, SA funds in the neutral  while Turkey showed inflow of 1.4mn$

Fixed income fund flow was comatoze:  Brazil was 0.98$ outflow, Russia FI funds showed 0.25mn$ inflow. India FI funds showed 175mn$ in outflows. China showed 27mn$ in inflows.

In terms of sector funds Energy, Health Care as well as Real Estate funds showed inflows

Large cap funds showed outflow while mid caps showed inflow

2014-11-14

Russia Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

Direxion Daily Russia Bull 3x Shares is an

18.24

Fixed Income

OPEN-END FUND

Parvest Bond World Inflation-Linked is an

13.39

Equity

ETF

iShares MSCI Russia ADR/GDR UCITS ETF is

6.22

Equity

ETF

LYXOR ETF RUSSIA Dow Jones Russia GDR - D

5.65

Equity

OPEN-END FUND

JPMorgan Funds - Russia Fund is an open-end

2.97

Source: MidLincoln Research

Russia Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

VelocityShares Russia Select DR ETF is an

Equity

OPEN-END FUND

Parvest Equity Russia is a SICAV incorporated

-53.27

Equity

OPEN-END FUND

East Capital - Russian Fund is an open-end

-3.47

Equity

OPEN-END FUND

Swedbank Robur Rysslandsfonden is an open-end

-3.33

Equity

OPEN-END FUND

East Capital Lux - Russian Fund is an open-end

-3.29

Source: MidLincoln Research

China Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

CSOP Source FTSE China A50 UCITS ETF is an

46.17

Equity

OPEN-END FUND

Mirae Asset Tiger China A Shares Securities

33.68

Equity

ETF

Deutsche X-trackers Harvest CSI 300 China

27.15

Equity

OPEN-END FUND

HSBC Global Investment Funds - Chinese

26.64

Equity

ETF

iShares Asia Trust - iShares FTSE A50 China

26.00

Source: MidLincoln Research

China Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

KB China Mainland A Shares Securities Feeder

-29.83

Equity

OPEN-END FUND

Shinhan BNPP Bonjour China Securities Investment

-17.09

Equity

OPEN-END FUND

Shinhan BNPP Bonjour China Securities Investment

-16.54

Equity

OPEN-END FUND

Shinhan BNPP Bonjour China Securities Investment

-16.51

Equity

OPEN-END FUND

Shinhan BNPP Bonjour China Securities Investment

-16.46

Source: MidLincoln Research

South Africa Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI South Africa ETF is an exchange-traded

0.52

Equity

ETF

iShares MSCI South Africa UCITS ETF is an

0.33

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

RBS Market Access FTSE/JSE Africa Top 40

0.00

Source: MidLincoln Research

South Africa Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

HSBC MSCI South Africa UCITS ETF is an exchange-traded

-0.02

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

RBS Market Access FTSE/JSE Africa Top 40

0.00

Equity

ETF

The Lyxor South Africa ETF is a UCITS compliant

0.00

Source: MidLincoln Research

Korea Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

INVESCO Korean Equity Fund is a UCITS certified

8.77

Equity

ETF

iShares MSCI Korea UCITS ETF (Dist) is an

4.99

Equity

OPEN-END FUND

HSBC Global Investment Funds - Korean Equity

1.01

Equity

OPEN-END FUND

KIM Investment Funds - Korea Value Fund

0.87

Equity

OPEN-END FUND

HSBC Global Investment Funds - Korean Equity

0.57

Source: MidLincoln Research

Korea Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI South Korea Capped ETF is an

-9.91

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

-8.80

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

-6.05

Equity

ETF

Lyxor ETF MSCI Korea is an Exchange Traded

-1.50

Equity

ETF

Lyxor ETF MSCI Korea is a UCITS compliant

-0.63

Source: MidLincoln Research

India Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iS 00003667 hares MSCI India ETF is an

69.53

Equity

OPEN-END FUND

GS India Equity Portfolio is a Portfolio

31.97

Equity

OPEN-END FUND

Morgan Stanley Investment Funds - Indian

16.83

Equity

ETF

WisdomTree India Earnings Fund is an exchange-traded

12.30

Equity

OPEN-END FUND

Baring Investment Funds - India Fund is

11.69

Source: MidLincoln Research

India Outflows

assclass

Type

profile

flow USD mln$

Fixed Income

OPEN-END FUND

UTI Indian Fixed Income Fund PLC is an

-99.99

Equity

OPEN-END FUND

Vontobel India Fund is an open-end fund

-25.64

Equity

ETF

Direxion Daily India Bull 3X Shares is an

-9.94

Equity

ETF

Lyxor ETF MSCI India is a UCITS compliant

-8.27

Equity

OPEN-END FUND

Amundi Funds - Equity India is a SICAV

-7.09

Source: MidLincoln Research

Turkey Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Turkey UCITS ETF is an open-end,

2.03

Equity

ETF

DJ TURKEY TITANS 20 THEAM EASY UCITS ETF

0.00

Equity

ETF

RBS Market Access Dow Jones Turkey Titans

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)

-1.33

Equity

ETF

iShares MSCI Turkey ETF is an exchange-traded

-0.67

Equity

ETF

HSBC MSCI TURKEY UCITS ETF is an open-end,

-0.32

Equity

ETF

DJ TURKEY TITANS 20 THEAM EASY UCITS ETF

0.00

Equity

ETF

RBS Market Access Dow Jones Turkey Titans

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

ETF

iShares MSCI Brazil UCITS ETF (Acc) is an

4.47

Fixed Income

OPEN-END FUND

HSBC Global Investment Funds - Brazil Bond

2.56

Equity

ETF

Direxion Daily Brazil Bull 3x Shares is an

1.12

Equity

FUND OF FUNDS

HSBC Brazil Fund is an open-end fund incorporated

0.59

Source: MidLincoln Research

Brazil Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Brazil Capped ETF is an exchange-traded

-76.68

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

-25.43

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

-15.18

Equity

ETF

Lyxor ETF Brazil (Ibovespa) USD is an exchange

-6.94

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

-6.27

Source: MidLincoln Research

Australia Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Australia Equity Income Fund is an open-end

14.33

Equity

ETF

iShares MSCI Australia UCITS ETF is an open-end,

4.48

Equity

ETF

The UBS (Irl) ETF Plc - MSCI Australia UCITS

2.55

Equity

ETF

The UBS (Irl) ETF plc - MSCI Australia 100%

2.31

Equity

ETF

SmartMOZY is an exchange traded fund listed

0.29

Source: MidLincoln Research

Australia Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

db x-trackers S&P/ASX 200 UCITS ETF (DR)

-9.29

Fixed Income

OPEN-END FUND

-5.36

Equity

OPEN-END FUND

Baring International Umbrella - Baring

-2.80

Equity

OPEN-END FUND

Baring International Umbrella - Baring Australia

-2.16

Equity

OPEN-END FUND

Candriam Equities L - Australia is a SICAV

-1.33

Source: MidLincoln Research

Canada Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Canada ETF is an exchange-traded

12.91

Equity

ETF

UBS ETF - MSCI Canada UCITS ETF is an exchange

1.88

Equity

ETF

HSBC MSCI Canada UCITS ETF is an exchange-traded

0.17

Equity

ETF

The UBS ETF - MSCI Canada 100% hedged to

0.02

Equity

ETF

The UBS ETFs plc - MSCI Canada SF UCITS ETF

0.00

Source: MidLincoln Research

Canada Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

First Trust Canada AlphaDEX Fund is an exchange-traded

-91.86

Equity

ETF

iShares MSCI Canada UCITS ETF is an open-ended,

-13.37

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

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

       

 Nov 10 2014· Midlincoln Research · midlincoln.com