ML Fund Aggregates Oct 14

Weekly Strategy

Oct 14 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 Oct 10 and Oct 3

Focus	Objective	Asset Class	Flow US mln$
Commodities	INDUSTRIAL METALS	Commodity	-18.0
Commodities	PRECIOUS METAL SECTOR	Equity	-38.7
country	AUSTRALIA	Equity	5.0
country	AUSTRALIA	Fixed Income	0.5
country	BRAZIL	Equity	-136.3
country	BRAZIL	Fixed Income	-1.4
country	CHINA	Equity	-9.6
country	CHINA	Fixed Income	51.1
country	INDIA	Equity	235.4
country	INDIA	Fixed Income	1.0
country	ISRAEL	Equity	1.3
country	JAPAN	Equity	-16994.9
country	JAPAN	Mixed Allocation	-588.5
country	KOREA	Equity	-48.2
country	KOREA	Fixed Income	0.0
country	POLAND	Equity	2.7
country	RUSSIA	Equity	-5.1
country	RUSSIA	Fixed Income	0.0
country	SOUTH AFRICA	Equity	4.4
country	SPAIN	Equity	-23.4
country	TURKEY	Equity	-1.2
country	UNITED KINGDOM	Equity	116.7
industry	BASIC MATERIALS SECTOR	Equity	-17.3
industry	COMMUNICATIONS SECTOR	Equity	-10.9
industry	ENERGY SECTOR	Equity	202.2
industry	FINANCIAL SECTOR	Equity	-15.1
industry	HEALTH CARE SECTOR	Equity	51.4
industry	INDUSTRIAL SECTOR	Equity	-15.9
industry	NATURAL RESOURCES SECTOR	Equity	-37.1
industry	REAL ESTATE SECTOR	Equity	19.4
industry	TECHNOLOGY SECTOR	Equity	433.3
industry	UTILITIES SECTOR	Equity	-6397.0
region	AFRICAN REGION	Equity	9.5
region	AFRICAN REGION	Fixed Income	0.0
region	ASIAN PACIFIC REGION	Equity	-37.0
region	ASIAN PACIFIC REGION	Fixed Income	12.0
region	ASIAN PACIFIC REGION EX JAPAN	Equity	39.8
region	ASIAN PACIFIC REGION EX JAPAN	Fixed Income	3.6
region	ASIAN PACIFIC REGION EX JAPAN	Mixed Allocation	0.0
region	EASTERN EUROPEAN REGION	Equity	-15.6
region	EASTERN EUROPEAN REGION	Fixed Income	0.1
region	EUROPEAN REGION	Equity	-1011.9
region	EUROPEAN REGION	Fixed Income	193.2
region	LATIN AMERICAN REGION	Equity	-14.0
region	LATIN AMERICAN REGION	Fixed Income	-0.4
region	MIDDLE EAST REGION	Equity	-1.1
region	NORDIC REGION	Equity	-17.3
region	NORTH AMERICAN REGION	Equity	14.5
region	NORTH AMERICAN REGION	Fixed Income	-0.6
Risk	GOVERNMENT BOND	Fixed Income	-969.4
Risk	INFLATION PROTECTED	Fixed Income	284.2
Risk	LONG SHORT	Alternative	132.3
Risk	LONG SHORT	Equity	-3695.3
Risk	LONG SHORT	Fixed Income	-0.1
segment	BRIC	Equity	-9.3
segment	BRIC	Fixed Income	-1.1
segment	DEVELOPED MARKETS	Equity	-503.1
segment	EMEA	Equity	0.0
segment	EMERGING MARKETS	Equity	-520.9
segment	GCC	Equity	0.0
segment	MENA	Equity	0.1
segment	MENA	Fixed Income	0.0
Size	LARGE-CAP	Alternative	-146.3
Size	LARGE-CAP	Equity	-1499.8
Size	MID-CAP	Equity	-12.7
Size	SMALL-CAP	Equity	-9.8

Source: Midlincoln Research

Fund Aggregates

Last week ending Friday Oct 10 Emerging markets fund flow were negative again reversing brief period of inflows the previous week. Overall Emerging market funds lost 520mn$ in outflow during the week.

Elsewhere on emerging markets fund flow was mixed. Indian funds showed 235mn$ of inflows. South African funds showed inflow of 4mn$, China funds lost 9.6mn$, Russia funds lost 5.1mn$, Korean funds showed 48mn$ in outflows, while Brazil funds showed outflow of 136 mn$ ahead of the second round of elections scheduled for Oct 26.

On fixed income side China Bond funds showed inflow of 51mn, India 1mn$ of inflows while Brazil was 1mn$ in outflows.

Utilities showed large outflow while Energy, Healthcare and Technology funds showed inflows.

All cap sized Large cap, Mid and small showed outflows - which is somewhat worrying sign.

2014-10-10

Russia inflows

assclass	Type	prof	flow USD mln$
Equity	ETF	Market Vectors Russia	14.2
Equity	OPEN-END FUND	JPMorgan Funds - Russia	4.77
Equity	ETF	Direxion Daily Russia	4.37
Equity	OPEN-END FUND	HSBC Global Investment	1.62
Equity	OPEN-END FUND	JPMorgan Russia Securities	1.34
Source: MidLincoln Research
Russia Outflows
assclass	Type	prof	flow USD mln$
Equity	ETF	VelocityShares Russia
Equity	OPEN-END FUND	Nordea Russia Fund	-27.76
Equity	OPEN-END FUND	OTP Russia Equity Fund	-21.89
Equity	OPEN-END FUND	Evli Russia is an open-end	-10.61
Fixed Income	OPEN-END FUND	Parvest Bond World Inflation-Linked	-9
Source: MidLincoln Research
China Inflows
prof	Type	prof	flow USD mln$

Fixed Income	OPEN-END FUND	ChinaAMC Select RMB	99.99
Equity	OPEN-END FUND	First State Global	67.54
Equity	OPEN-END FUND	First State Global	67.52
Equity	OPEN-END FUND	First State Global	67.42
Source: MidLincoln Research South China outflows assclass	Type	prof	flow USD mln$
Equity	ETF	Bosera FTSE China A50	-99.99
Equity	OPEN-END FUND	Aberdeen Global - Chinese	-99.99
Equity	OPEN-END FUND	GAM Star plc - China	-99.99
Equity	OPEN-END FUND	GAM Star plc - China	-99.99
Equity	OPEN-END FUND	GAM Star plc - China	-99.99
Source: MidLincoln Research South Africa Inflows assclass	Type	prof	flow USD mln$
Equity	ETF	iShares MSCI South Africa	4.43
Equity	ETF	NEXT FUNDS FTSE/JSE	0
Equity	ETF	NEXT FUNDS FTSE/JSE Africa	0
Equity	ETF	RBS Market Access FTSE/JSE	0
Equity	ETF	iShares MSCI South Africa	0
Source: MidLincoln Research South Africa Outflows assclass	Type	prof	flow USD mln$
Equity	ETF	The Lyxor South Africa	-6.9
Equity	ETF	iShares MSCI South Africa	-0.04
Equity	ETF	HSBC MSCI South Africa	-0.01
Equity	ETF	NEXT FUNDS FTSE/JSE	0
Equity	ETF	NEXT FUNDS FTSE/JSE Africa	0
Source: MidLincoln Research Korea Inflows assclass	Type	prof	flow USD mln$
Equity	OPEN-END FUND	Enhanced South Korea	16.83
Equity	OPEN-END FUND	KIM Investment Funds	9.04
Equity	OPEN-END FUND	Matthews Korea Fund	8.47
Equity	ETF	db x-trackers - MSCI	3.97
Equity	OPEN-END FUND	INVESCO Korean Equity	3.82
Source: MidLincoln Research Korea Outflows assclass	Type	prof	flow USD mln$
Equity	ETF	iShares MSCI South Korea	-50.15
Equity	OPEN-END FUND	Fidelity Funds - Korea	-13.31
Equity	OPEN-END FUND	JPMorgan Funds - Korea	-12.41
Equity	OPEN-END FUND	JPMorgan Funds - Korea	-8.95
Equity	FUND OF FUNDS	Baring Korea Feeder	-1.84
Source: MidLincoln Research India Inflows assclass	Type	prof	flow USD mln$
Equity	OPEN-END FUND	Jupiter India Fund	99.99
Equity	OPEN-END FUND	BlackRock Global Funds	80.43
Equity	OPEN-END FUND	JPMorgan Funds - India	63.48
Equity	OPEN-END FUND	BlackRock Global Funds	41.55
Equity	OPEN-END FUND	Fidelity Funds - India	40.62
Source: MidLincoln Research India Outflows assclass	Type	prof	flow USD mln$
Equity	OPEN-END FUND	Aberdeen Global - India	-99.99
Equity	OPEN-END FUND	Aberdeen Global - India	-99.99
Equity	OPEN-END FUND	Fidelity Funds - Indonesia	-48.12
Equity	ETF	Lyxor ETF MSCI India	-47.68
Equity	OPEN-END FUND	HSBC Global Investment	-44.77
Source: MidLincoln Research Turkey Inflows assclass	Type	prof	flow USD mln$
Equity	ETF	iShares MSCI Turkey UCITS	0.53
Equity	ETF	DJ TURKEY TITANS 20 THEAM	0
Equity	ETF	RBS Market Access Dow	0
Equity	ETF	UBS ETF - MSCI Turkey	0
Equity	ETF	HSBC MSCI TURKEY UCITS	-0.01
Source: MidLincoln Research Turkey Outflows assclass	Type	prof	flow USD mln$
Equity	ETF	The Lyxor ETF Turkey	-5.73
Equity	ETF	iShares MSCI Turkey ETF	-1.2
Equity	ETF	db x-trackers MSCI Turkey	-0.18
Equity	ETF	HSBC MSCI TURKEY UCITS	-0.01
Equity	ETF	DJ TURKEY TITANS 20 THEAM	0
Source: MidLincoln Research Brazil Inflows assclass	Type	prof	flow USD mln$
Equity	ETF	Deutsche X-trackers MSCI	8.28
Equity	ETF	ProShares UltraShort	6.42
Fixed Income	OPEN-END FUND	DWS Brazil Bond Fund	4.98
Equity	ETF	db x-trackers - MSCI	3.62
Equity	OPEN-END FUND	BTG Pactual SICAV -	3.39
Source: MidLincoln Research Brazil Outflows assclass	Type	prof	flow USD mln$
Fixed Income	OPEN-END FUND	UBS (Lux) Bond Sicav
Fixed Income	OPEN-END FUND	Fondo Mutuo Security	-99.99
Equity	ETF	iShares MSCI Brazil Capped	-65.31
Equity	ETF	iShares MSCI Brazil UCITS	-31.2
Equity	OPEN-END FUND	HSBC Global Investment	-27.97
Source: MidLincoln Research Australia Inflows assclass	Type	prof	flow USD mln$
Equity	OPEN-END FUND	Australia Equity Income	8.34
Equity	ETF	The UBS (Irl) ETF plc	1.32
Equity	OPEN-END FUND	Candriam Equities L	0.82
Fixed Income	OPEN-END FUND		0.71
Equity	OPEN-END FUND	Baring International	0.52
Source: MidLincoln Research Australia Outflows assclass	Type	prof	flow USD mln$
Equity	OPEN-END FUND	Fidelity Funds - Australia	-18.38
Equity	OPEN-END FUND	Fidelity Funds - Australia	-15.81
Equity	ETF	iShares MSCI Australia	-2.62
Equity	OPEN-END FUND	SSgA Australia Index	-1.88
Equity	OPEN-END FUND	Baring International	-1.34
Source: MidLincoln Research Canada Inflows assclass	Type	prof	flow USD mln$
Equity	ETF	db x-trackers MSCI Canada	2.56
Equity	ETF	The UBS ETF - MSCI Canada	1.6
Equity	ETF	iShares MSCI Canada UCITS	1.12
Equity	ETF	The UBS ETF - MSCI Canada	0.91
Equity	ETF	The UBS ETFs plc - MSCI	0
Source: MidLincoln Research Canada Outflows assclass	Type	prof	flow USD mln$
Equity	ETF	iShares MSCI Canada ETF	-99.99
Equity	ETF	The Lyxor ETF Canada	-32.23
Equity	ETF	First Trust Canada AlphaDEX	-24.99
Equity	ETF	Lyxor ETF Canada (S&P	-19.62
Equity	ETF	HSBC MSCI Canada UCITS	-0.41

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

Oct 6 2014· Midlincoln Research · midlincoln.com