Fund Flow Aggregates
Last week (between Sep 19 and Sep 12) Emerging Market equity fund flows were set to outflows losing 181 mn$ which is slightly less than the previous week outflow of circa 243 mn$. EMEA funds showed 0.6$mn outflows, MENA funds of 0.5 mn$, GCC equity funds showed 0.3mn$ of outflows. Asian pacific region funds showed 8mn$ of inflows.
Frontier markets funds post small inflow of 22mn$ however.
Equity Fund Flow is mixed.
China equity funds showed 272 mn$ of outflows. India equity funds showed inflows of 15mn$. Russia funds showed inflows of 7.4mn$ despite Sistema episode.Brazil funds showed 38mn$ of inflows. South Africa and Turkey funds flow was neutral.
Fixed Income fund flow is more quiet Brazil outflow was 8mn$ for fixed income funds, China bond funds posted 15 mn of inflows.
Sector fund flow is mixed energy, healthcare and real estate show inflows. Technology funds showed outflows.
Top 5 funds receiving inflows and Top 5 funds posting outflow focusing on one of the 9 countries in the BRICS +Turkey+SK+ Australia +Canada space. We call this universe CRABSTICKS.
2014-09-19 Russia Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | Direxion Daily Russia | 18.13 |
| Equity | ETF | Market Vectors Russia | 16.13 |
| Equity | OPEN-END FUND | JPMorgan Russia Securities | 0.99 |
| Equity | OPEN-END FUND | JPMorgan Russia Equity | 0.68 |
| Equity | OPEN-END FUND | Raiffeisen-Russland-Aktien | 0.63 |
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Source: MidLincoln Research Russia Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | East Capital Lux - Russian | -7.74 |
| Equity | OPEN-END FUND | East Capital - Russian | -5.82 |
| Equity | OPEN-END FUND | East Capital Lux - | -4.63 |
| Equity | OPEN-END FUND | Shinhan BNPP Bonjour | -2.61 |
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Source: MidLincoln Research China Inflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Samsung CHINA2.0 Securities | 31.19 |
| Equity | OPEN-END FUND | UBS (Lux) Equity Fund | 14.66 |
| Equity | ETF | CSOP FTSE China A50 ETF | 12.67 |
| Fixed Income | FUND OF FUNDS | AB RMB Plus Bond Securities | 8.88 |
| Equity | OPEN-END FUND | First State Global | 6.45 |
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Source: MidLincoln Research China Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Mirae Asset China H | -99.99 |
| Equity | ETF | ChinaAMC ETF Series - | -26.61 |
| Equity | OPEN-END FUND | Shinhan BNPP Bonjour | -24.99 |
| Equity | ETF | China Universal International | -16.36 |
| Equity | ETF | Bosera FTSE China A50 | -15.95 |
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Source: MidLincoln Research South Africa Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI South Africa | 3.47 |
| Equity | ETF | NEXT FUNDS FTSE/JSE | -0.01 |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa | -0.01 |
| Equity | ETF | iShares MSCI South Africa | -0.08 |
| Equity | ETF | iShares MSCI South Africa | -9.82 |
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Source: MidLincoln Research South Africa Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI South Africa | -9.82 |
| Equity | ETF | iShares MSCI South Africa | -0.08 |
| Equity | ETF | NEXT FUNDS FTSE/JSE | -0.01 |
| Equity | ETF | NEXT FUNDS FTSE/JSE Africa | -0.01 |
| Equity | ETF | iShares MSCI South Africa | 3.47 |
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Source: MidLincoln Research Korea Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI South Korea | 23.33 |
| Equity | OPEN-END FUND | KIM Investment Funds | 3.95 |
| Equity | ETF | iShares MSCI Korea UCITS | 3.43 |
| Equity | CLOSED-END FUND | Korea Equity Fund, | 0.05 |
| Equity | CLOSED-END FUND | Korea Equity Fund, Inc. | 0.02 |
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Source: MidLincoln Research Korea Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | INVESCO Korean Equity | -6.85 |
| Equity | ETF | iShares MSCI Korea UCITS | -4.10 |
| Equity | OPEN-END FUND | HSBC Global Investment | -3.54 |
| Equity | OPEN-END FUND | HSBC Global Investment | -2.93 |
| Equity | OPEN-END FUND | KIM Investment Funds | -0.38 |
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Source: MidLincoln Research India Inflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | GS India Equity Portfolio | 22.09 |
| Equity | OPEN-END FUND | Fidelity India Securities | 7.83 |
| Equity | OPEN-END FUND | Pictet - Indian Equities | 3.55 |
| Equity | ETF | The iShares MSCI India | 3.34 |
| Equity | OPEN-END FUND | PineBridge Global Funds | 2.43 |
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Source: MidLincoln Research India Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | DWS India is an open-end | -7.57 |
| Equity | ETF | WisdomTree India Earnings | -6.12 |
| Equity | OPEN-END FUND | HSBC Global Investment | -5.17 |
| Equity | OPEN-END FUND | HSBC Global Investment | -4.47 |
| Equity | OPEN-END FUND | DWS India is an open-end | -3.79 |
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Source: MidLincoln Research Turkey Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Turkey ETF | 1.55 |
| Equity | ETF | iShares MSCI Turkey UCITS | -1.43 |
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Source: MidLincoln Research Turkey Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Turkey UCITS | -1.43 |
| Equity | ETF | iShares MSCI Turkey ETF | 1.55 |
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Source: MidLincoln Research Brazil Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Brazil Capped | 15.61 |
| Equity | OPEN-END FUND | HSBC Global Investment | 10.25 |
| Equity | OPEN-END FUND | Mirae Asset Brazil | 8.30 |
| Equity | ETF | Direxion Daily Brazil | 6.83 |
| Equity | OPEN-END FUND | HSBC Global Investment | 6.47 |
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Source: MidLincoln Research Brazil Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Brazil Small-Cap | -9.42 |
| Fixed Income | OPEN-END FUND | DWS Brazil Bond Fund | -6.87 |
| Equity | OPEN-END FUND | Shinhan BNP Bonjour | -4.15 |
| Equity | ETF | iShares MSCI Brazil UCITS | -1.59 |
| Equity | OPEN-END FUND | SH BNPP Bonjour Great | -1.04 |
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Source: MidLincoln Research Australia Inflows assclass | Type | prof | flow USD mln$ |
| Fixed Income | OPEN-END FUND |
| 0.97 |
| Fixed Income | OPEN-END FUND |
| 0.13 |
| Equity | OPEN-END FUND | UBS (Lux) Equity Fund | 0.05 |
| Equity | OPEN-END FUND | NESTOR Australien Fonds | 0.02 |
| Fixed Income | OPEN-END FUND | Daiwa Bond Fund Series | 0.01 |
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Source: MidLincoln Research Australia Outflows assclass | Type | prof | flow USD mln$ |
| Equity | OPEN-END FUND | Australia Equity Income | -10.86 |
| Equity | OPEN-END FUND | Baring International | -2.58 |
| Equity | ETF | iShares MSCI Australia | -1.58 |
| Equity | ETF | iShares MSCI Australia | -1.21 |
| Equity | OPEN-END FUND | Baring International | -0.19 |
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Source: MidLincoln Research Canada Inflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | First Trust Canada AlphaDEX | 7.47 |
| Equity | ETF | iShares MSCI Canada Small-Cap | 0.00 |
| Equity | ETF | iShares MSCI Canada - | -14.61 |
| Equity | ETF | iShares MSCI Canada ETF | -58.04 |
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Source: MidLincoln Research Canada Outflows assclass | Type | prof | flow USD mln$ |
| Equity | ETF | iShares MSCI Canada ETF | -58.04 |
| Equity | ETF | iShares MSCI Canada - | -14.61 |
| Equity | ETF | iShares MSCI Canada Small-Cap | 0.00 |
| Equity | ETF | First Trust Canada AlphaDEX | 7.47 |
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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
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