Weekly Strategy

Oct 6 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 26 and Oct 3

                                                                                                         

Focus

Focus

Asset Class

Flow US mln$

Commodities

INDUSTRIAL METALS

Commodity

-13.9

Commodities

PRECIOUS METAL SECTOR

Equity

-3.2

country

AUSTRALIA

Equity

-0.3

country

AUSTRALIA

Fixed Income

1.6

country

BRAZIL

Equity

-80.4

country

BRAZIL

Fixed Income

-1.5

country

CHINA

Equity

168.7

country

CHINA

Fixed Income

-46.9

country

INDIA

Equity

-202.8

country

INDIA

Fixed Income

2.0

country

ISRAEL

Equity

0.8

country

JAPAN

Equity

5481.8

country

JAPAN

Mixed Allocation

-3655.6

country

KOREA

Equity

-88.8

country

KOREA

Fixed Income

0.0

country

POLAND

Equity

-1.5

country

RUSSIA

Equity

40.6

country

RUSSIA

Fixed Income

0.0

country

SOUTH AFRICA

Equity

-3.3

country

SPAIN

Equity

-19.4

country

TURKEY

Equity

-1.4

country

UNITED KINGDOM

Equity

-2441.6

industry

BASIC MATERIALS SECTOR

Equity

9.5

industry

COMMUNICATIONS SECTOR

Equity

3.3

industry

ENERGY SECTOR

Equity

130.6

industry

FINANCIAL SECTOR

Equity

-8.2

industry

HEALTH CARE SECTOR

Equity

55.6

industry

INDUSTRIAL SECTOR

Equity

-3.7

industry

NATURAL RESOURCES SECTOR

Equity

4.9

industry

REAL ESTATE SECTOR

Equity

177.4

industry

TECHNOLOGY SECTOR

Equity

-63097.5

industry

UTILITIES SECTOR

Equity

-189115.6

region

AFRICAN REGION

Equity

-8.3

region

AFRICAN REGION

Fixed Income

0.0

region

ASIAN PACIFIC REGION

Equity

-129.7

region

ASIAN PACIFIC REGION

Fixed Income

7.6

region

ASIAN PACIFIC REGION EX JAPAN

Equity

-71.3

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

0.0

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

0.0

region

EASTERN EUROPEAN REGION

Equity

-30.7

region

EASTERN EUROPEAN REGION

Fixed Income

0.1

region

EUROPEAN REGION

Equity

-237.6

region

EUROPEAN REGION

Fixed Income

379.7

region

LATIN AMERICAN REGION

Equity

-90.5

region

LATIN AMERICAN REGION

Fixed Income

-0.2

region

MIDDLE EAST REGION

Equity

-0.1

region

NORDIC REGION

Equity

-3.0

region

NORTH AMERICAN REGION

Equity

-163.2

region

NORTH AMERICAN REGION

Fixed Income

-1.6

Risk

GOVERNMENT BOND

Fixed Income

-247.8

Risk

INFLATION PROTECTED

Fixed Income

9.8

Risk

LONG SHORT

Alternative

-60.0

Risk

LONG SHORT

Equity

-116402.9

Risk

LONG SHORT

Fixed Income

1.5

segment

BRIC

Equity

-21.9

segment

BRIC

Fixed Income

-1.0

segment

DEVELOPED MARKETS

Equity

-16.3

segment

EMEA

Equity

-0.1

segment

EMERGING MARKETS

Equity

381.1

segment

GCC

Equity

-0.2

segment

MENA

Equity

0.1

segment

MENA

Fixed Income

0.6

Size

LARGE-CAP

Alternative

153.2

Size

LARGE-CAP

Equity

-4322.9

Size

MID-CAP

Equity

402.6

Size

SMALL-CAP

Equity

-319.6

                                   

                                   

Source: Midlincoln Research

Fund Aggregates

Last week ending Friday Emerging markets fund flow turned to inflow. GEM dedicated funds reported inflows of US381mn following 3 or 4 weeks of outflows.

China equity funds registered 168$ mn of inflow, Russia funds showed 40mn$ of inflows. India funds showed outflow of 202mn$, Korea funds outflow showed 88 mn$, South Africa Equity funds lost 3.3 mn$ to outflows while Turkey outflow was 1.4mln$. Elsewhere  BRIC Equity fund flow was negative 21mn$. MENA, GCC and ME fund flow was neutral.

Fixed income Brazill funds showed outflow of 1.5mn$, FI India funds showed inflow of 2mn$.

Technology and Utilities Sector funds showed large outflow while energy healthcare and  real estate showed small inflow.

Elsewhere long/short  equity funds showed large outflow as well as large cap funds and small cap funds.

2014-10-03

Russia Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

Direxion Daily Russia

30.92

Equity

ETF

Market Vectors Russia

23.67

Equity

OPEN-END FUND

Parvest Equity Russia

6.95

Equity

ETF

iShares MSCI Russia ADR/GDR

4.56

Fixed Income

OPEN-END FUND

Parvest Bond World Inflation-Linked

3.56

Source: MidLincoln Research

Russia Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

VelocityShares Russia

Equity

OPEN-END FUND

OTP Russia Equity Fund

-31.83

Equity

ETF

LYXOR ETF RUSSIA Dow

-6.88

Equity

OPEN-END FUND

Russian Small and Mid

-4.94

Source: MidLincoln Research

China Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

INVESCO PRC Equity

99.99

Equity

OPEN-END FUND

HSBC Global Investment

95.71

Equity

ETF

E Fund CSI 100 A-Share

37.16

Equity

OPEN-END FUND

UBS (Lux) Institutional

24.32

Equity

OPEN-END FUND

UBS (CAY) China A Opportunity

24.25

Source: MidLincoln Research

China Outflows

assclass

Type

prof

flow USD mln$

Equity

FUND OF FUNDS

TISCO China H-Shares

Equity

ETF

Bosera FTSE China A50

-99.99

Equity

OPEN-END FUND

Matthews China Fund

-76.71

Equity

ETF

Deutsche X-trackers Harvest

-51.58

Equity

OPEN-END FUND

KB China Mainland A

-34.56

Source: MidLincoln Research

South Africa Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI South Africa

0.06

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE Africa

0.00

Equity

ETF

RBS Market Access FTSE/JSE

0.00

Source: MidLincoln Research

South Africa Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI South Africa

-7.06

Equity

ETF

The Lyxor South Africa

-3.99

Equity

ETF

HSBC MSCI South Africa

-0.02

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE Africa

0.00

Source: MidLincoln Research

Korea Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Korea UCITS

8.76

Equity

OPEN-END FUND

INVESCO Korean Equity

0.53

Equity

FUND OF FUNDS

Baring Korea Feeder

0.14

Equity

OPEN-END FUND

Amundi Funds - Equity

0.03

Equity

ETF

NEXT NOTES KOSPI200 Leveraged

0.00

Source: MidLincoln Research

Korea Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI South Korea

-89.36

Equity

ETF

db x-trackers - MSCI

-29.08

Equity

OPEN-END FUND

JPMorgan Funds - Korea

-9.05

Equity

OPEN-END FUND

JPMorgan Funds - Korea

-8.83

Equity

OPEN-END FUND

Matthews Korea Fund

-1.69

Source: MidLincoln Research

India Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

Matthews India Fund

69.32

Equity

OPEN-END FUND

Carnegie Indienfond

20.87

Equity

OPEN-END FUND

Handelsbanken Indien

16.80

Equity

OPEN-END FUND

Aberdeen Select Portfolio

15.64

Equity

OPEN-END FUND

PineBridge Global Funds

8.01

Source: MidLincoln Research

India Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - India

-99.99

Equity

OPEN-END FUND

Jupiter India Fund

-99.99

Equity

OPEN-END FUND

HSBC Global Investment

-14.04

Equity

OPEN-END FUND

Vontobel India Fund

-13.00

Equity

OPEN-END FUND

DWS Premier Investment

-12.43

Source: MidLincoln Research

Turkey Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Turkey UCITS

0.73

Equity

ETF

DJ TURKEY TITANS 20 THEAM

0.00

Equity

ETF

HSBC MSCI TURKEY UCITS

0.00

Equity

ETF

HSBC MSCI TURKEY UCITS

0.00

Equity

ETF

RBS Market Access Dow

0.00

Source: MidLincoln Research

Turkey Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

The Lyxor ETF Turkey

-11.90

Equity

ETF

The Lyxor ETF Turkey

-11.90

Equity

ETF

The Lyxor ETF Turkey

-6.06

Equity

ETF

iShares MSCI Turkey ETF

-1.44

Equity

ETF

DJ TURKEY TITANS 20 THEAM

0.00

Source: MidLincoln Research

Brazil Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

Direxion Daily Brazil

7.48

Fixed Income

OPEN-END FUND

JPMorgan Specialist

1.16

Equity

OPEN-END FUND

Nordea 1 SICAV - Brazilian

0.47

Equity

OPEN-END FUND

Fama Brazil Fund -

0.42

Fixed Income

OPEN-END FUND

DWS Brazil Bond Fund

0.09

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

-47.01

Equity

OPEN-END FUND

BNY Mellon Global Funds

-31.43

Equity

ETF

iShares MSCI Brazil UCITS

-19.74

Source: MidLincoln Research

Australia Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

db x-trackers S&P/ASX

6.78

Equity

OPEN-END FUND

Australia Equity Income

3.11

Fixed Income

OPEN-END FUND

2.38

Equity

OPEN-END FUND

UBS (Lux) Equity Fund

0.20

Fixed Income

OPEN-END FUND

Daiwa Bond Fund Series

0.08

Source: MidLincoln Research

Australia Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Australia

-3.02

Equity

OPEN-END FUND

Candriam Equities L

-2.81

Equity

ETF

WisdomTree Australia

-2.78

Equity

OPEN-END FUND

Baring International

-1.40

Equity

OPEN-END FUND

Baring International

-1.00

Source: MidLincoln Research

Canada Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

The Lyxor ETF Canada

6.01

Equity

ETF

Lyxor ETF Canada (S&P

3.43

Equity

ETF

HSBC MSCI Canada UCITS

0.16

Equity

ETF

The UBS ETFs plc - MSCI

0.00

Equity

ETF

UBS ETF - MSCI Canada

0.00

Source: MidLincoln Research

Canada Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Canada ETF

-99.99

Equity

ETF

iShares MSCI Canada ETF

-45.88

Equity

ETF

iShares MSCI Canada -

-13.87

Equity

ETF

UBS ETF - MSCI Canada

-13.21

Equity

ETF

First Trust Canada AlphaDEX

-10.53

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

       

 Oct 6 2014· Midlincoln Research · midlincoln.com