Weekly Strategy

Nov 17 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 Nov 21 and Nov 14

                                   

Focus

Objective

Asset Class

Flow

US mn$

Commodities

INDUSTRIAL METALS

Commodity

0.3

Commodities

PRECIOUS METAL SECTOR

Equity

-9.1

country

AUSTRALIA

Equity

-0.1

country

AUSTRALIA

Fixed Income

-1.0

country

BRAZIL

Equity

57.4

country

BRAZIL

Fixed Income

-3.8

country

CHINA

Equity

-236

country

CHINA

Fixed Income

45.5

country

INDIA

Equity

124.8

country

INDIA

Fixed Income

27.8

country

JAPAN

Equity

272.0

country

JAPAN

Mixed Allocation

539.5

country

KOREA

Equity

-11.4

country

RUSSIA

Equity

18.4

country

RUSSIA

Fixed Income

0.0

country

UNITED KINGDOM

Equity

0.3

industry

BASIC MATERIALS SECTOR

Equity

5.2

industry

COMMUNICATIONS SECTOR

Equity

-2.3

industry

ENERGY SECTOR

Equity

53.6

industry

FINANCIAL SECTOR

Equity

-3.8

industry

HEALTH CARE SECTOR

Equity

75.0

industry

INDUSTRIAL SECTOR

Equity

4.9

industry

NATURAL RESOURCES SECTOR

Equity

-54.3

industry

REAL ESTATE SECTOR

Equity

65.9

industry

TECHNOLOGY SECTOR

Equity

-19.9

industry

UTILITIES SECTOR

Equity

-31.0

region

AFRICAN REGION

Equity

-4.7

region

AFRICAN REGION

Fixed Income

0.0

region

ASIAN PACIFIC REGION

Equity

-39.1

region

ASIAN PACIFIC REGION

Fixed Income

-7.8

region

ASIAN PACIFIC REGION EX JAPAN

Equity

99.9

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

-0.3

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

0.0

region

EASTERN EUROPEAN REGION

Equity

-346.6

region

EASTERN EUROPEAN REGION

Fixed Income

0.0

region

EUROPEAN REGION

Equity

1033.3

region

EUROPEAN REGION

Fixed Income

227.5

region

LATIN AMERICAN REGION

Equity

46.7

region

LATIN AMERICAN REGION

Fixed Income

-6.1

region

MIDDLE EAST REGION

Equity

-0.1

region

NORDIC REGION

Equity

-6.6

region

NORTH AMERICAN REGION

Equity

7.9

region

NORTH AMERICAN REGION

Fixed Income

-0.1

Risk

GOVERNMENT BOND

Fixed Income

-76.4

Risk

INFLATION PROTECTED

Fixed Income

27.5

Risk

LONG SHORT

Alternative

77.2

Risk

LONG SHORT

Equity

26565.3

Risk

LONG SHORT

Fixed Income

13.5

Risk

LONG SHORT

Specialty

0.3

segment

BRIC

Equity

-104.1

segment

BRIC

Fixed Income

0.3

segment

DEVELOPED MARKETS

Equity

10.6

segment

EMEA

Equity

1.0

segment

EMERGING MARKETS

Equity

-27.2

segment

GCC

Equity

-0.6

segment

MENA

Equity

-3.2

segment

MENA

Fixed Income

-1.3

Size

LARGE-CAP

Alternative

-9.04604391394059e-08

Size

LARGE-CAP

Equity

-331.1

Size

MID-CAP

Equity

-869.2

Size

SMALL-CAP

Equity

41.7

                                   

                                   

Source: Midlincoln Research

Fund Aggregates

Fund flow info is mixed. GEM equity inflows were negative last week -27mn$ following a month of modest inflows. Frontier funds showed small inflow of 2mn$

Brazil equity funds showed inflow of 57mn$, China funds showed outflow. India showed inflows of 124 mn$, Korea funds showed 11mn$ of outflows.  Russia funds showed 18 mn$ of inflows.

China fixed income funds showed inflows of 45.5 mn$, India fixed income funds showed inflow of 27mn$, Brazil FI funds showed -3.8mn$ of outflows.  Russia FI flow was neutral.

Energy funds showed inflows,  as well as real estate and healthcare  while technology and utilities showed 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

2014-11-24

Russia Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

East Capital Lux - Russian Fund is an open-end

13.77

Equity

ETF

Market Vectors Russia ETF is an exchange-traded

12.59

Equity

OPEN-END FUND

HSBC Global Investment Funds - Russia Equity

11.89

Equity

OPEN-END FUND

Equity Russia Opportunities is an open-end

2.23

Fixed Income

OPEN-END FUND

Parvest Bond World Inflation-Linked is an

1.25

Source: MidLincoln Research

Russia Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Parvest Equity Russia is a SICAV incorporated

-97.25

Equity

OPEN-END FUND

OTP Russia Equity Fund is an open-end investment

-36.79

Equity

ETF

LYXOR ETF RUSSIA Dow Jones Russia GDR - D

-7.61

Equity

ETF

LYXOR ETF RUSSIA (Dow Jones Russia GDR) -

-3.81

Fixed Income

OPEN-END FUND

Ikra Sicav - Russian Taste is a SICAV incorporated

-3.16

Source: MidLincoln Research

China Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares Asia Trust - iShares FTSE A50 China

73.40

Equity

ETF

Deutsche X-trackers Harvest CSI 300 China

67.98

Equity

ETF

db x-trackers CSI300 Index UCITS ETF is a

36.30

Equity

OPEN-END FUND

New Capital UCITS Fund PLC - China Equity

33.24

Equity

OPEN-END FUND

Pioneer Funds - China Equity is an open-end

31.15

Source: MidLincoln Research

China Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

CSOP FTSE China A50 ETF is an exchange-traded

-99.99

Equity

OPEN-END FUND

First State Global Umbrella PLC - Chi 00000583 na

-99.99

Equity

ETF

Harvest MSCI China A 50 Index ETF is an exchange-traded

-63.41

Equity

ETF

Hang Seng Investment Index Funds Series -

-40.20

Equity

ETF

W.I.S.E. Yuanta/P-shares CSI 300 ETF is an

-19.26

Source: MidLincoln Research

South Africa Inflows

assclass

Type

profile

flow USD mln$

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

Equity

ETF

iShares MSCI South Africa - B UCITS ETF is

0.00

Equity

ETF

HSBC MSCI South Africa UCITS ETF is an exchange-traded

0.00

Equity

ETF

iShares MSCI South Africa UCITS ETF is an

-0.07

Source: MidLincoln Research

South Africa Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI South Africa ETF is an exchange-traded

-0.14

Equity

ETF

iShares MSCI South Africa UCITS ETF is an

-0.07

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

Equity

ETF

iShares MSCI South Africa - B UCITS ETF is

0.00

Source: MidLincoln Research

Korea Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Korea UCITS ETF (Acc) is an

14.33

Equity

ETF

db x-trackers - MSCI Korea TRN Index UCITS

11.52

Equity

ETF

Direxion Daily Korea Bull 3x Shares is an

1.61

Equity

OPEN-END FUND

HSBC Global Investment Funds - Korean Equity

0.91

Equity

OPEN-END FUND

Parvest Equity South Korea is an open-end

0.35

Source: MidLincoln Research

Korea Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI South Korea Capped ETF is an

-17.39

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

-6.65

Equity

OPEN-END FUND

JPMorgan Funds - Korea Equity is an open-end

-2.46

Equity

FUND OF FUNDS

Baring Korea Feeder Fund is an open-end

-1.31

Equity

ETF

iShares MSCI Korea UCITS ETF (Dist) is an

-0.93

Source: MidLincoln Research

India Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Danske Invest - India is an open-end investment

76.71

Equity

ETF

iShares MSCI India ETF is an exchange-traded

39.45

Equity

OPEN-END FUND

GS India Equity Portfolio is a Portfolio

27.59

Fixed Income

OPEN-END FUND

UTI Indian Fixed Income Fund PLC is an

24.74

Equity

OPEN-END FUND

Jupiter JGF - India Select is an open-end

17.48

Source: MidLincoln Research

India Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investment Funds - Indian Equity

-22.55

Equity

OPEN-END FUND

JPMorgan Funds - India Fund is an open-end

-18.08

Equity

ETF

AMUNDI ETF MSCI INDIA is a UCITS compliant,

-13.84

Equity

OPEN-END FUND

HSBC Global Investment Funds - Indian Equity

-13.74

Equity

ETF

iShares MSCI India Index ETF is an exchange-traded

-10.26

Source: MidLincoln Research

Turkey Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

The Lyxor ETF Turkey (DJ Turkey Titans 20)

6.19

Equity

ETF

iShares MSCI Turkey ETF is an exchange-traded

0.70

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

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 UCITS ETF is an open-end,

-0.04

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

RBS Market Access Dow Jones Turkey Titans

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

ETF

iShares MSCI Brazil Capped ETF is an exchange-traded

57.33

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

29.37

Equity

OPEN-END FUND

HSBC Global Investment Funds - Brazil Equity

23.25

Equity

OPEN-END FUND

Bradesco Global Funds - Brazilian Equities

13.55

Source: MidLincoln Research

Brazil Outflows

assclass

Type

profile

flow USD mln$

Equity

ETF

The UBS (Irl) ETF plc - MSCI Brazil UCITS

Fixed Income

OPEN-END FUND

DWS Brazil Bond Fund is an open-end investment

-4.05

Fixed Income

OPEN-END FUND

UBS (Lux) Bond Sicav - Brazil is an open-end

-3.50

Equity

ETF

AMUNDI ETF MSCI BRAZIL is an exchange-traded

-2.79

Fixed Income

OPEN-END FUND

UBS (Lux) Bond Sicav - Brazil is an open-end

-2.69

Source: MidLincoln Research

Australia Inflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Australia Equity Income Fund is an open-end

6.23

Equity

OPEN-END FUND

Candriam Equities L - Australia is a SICAV

2.64

Equity

OPEN-END FUND

Candriam Equities L - Australia is a SICAV

1.77

Equity

OPEN-END FUND

SSgA Australia Index Equity Fund is an

1.71

Equity

ETF

iShares MSCI Australia UCITS ETF is an open-end,

1.03

Source: MidLincoln Research

Australia Outflows

assclass

Type

profile

flow USD mln$

Equity

OPEN-END FUND

Baring International Umbrella - Baring Australia

-2.21

Equity

ETF

iShares MSCI Australia ETF is an exchange-traded

-1.68

Equity

OPEN-END FUND

Baring International Umbrella - Baring

-0.90

Equity

OPEN-END FUND

Fisher Funds - Australian Growth Fund is

-0.39

Equity

OPEN-END FUND

UBS (Lux) Equity Fund - Australia (AUD)

-0.23

Source: MidLincoln Research

Canada Inflows

assclass

Type

profile

flow USD mln$

Equity

ETF

iShares MSCI Canada ETF is an exchange-traded

5.37

Equity

ETF

HSBC MSCI Canada UCITS ETF is an exchange-traded

0.24

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

First Trust Canada AlphaDEX Fund is an exchange-traded

-1.77

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

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 24 2014· Midlincoln Research · midlincoln.com