Weekly Strategy

Sep 29 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 Sep 19

                                                                      

Focus

Objective

Asset Class

Flow

US mn$

Commodities

INDUSTRIAL METALS

Commodity

-0.96

Commodities

PRECIOUS METAL SECTOR

Equity

-18.66

country

AUSTRALIA

Equity

-1.61

country

AUSTRALIA

Fixed Income

1.02

country

BRAZIL

Equity

96.42

country

BRAZIL

Fixed Income

-3.54

country

CHINA

Equity

-3327.86

country

CHINA

Fixed Income

12.45

country

INDIA

Equity

127.81

country

INDIA

Fixed Income

1.26

country

ISRAEL

Equity

0.01

country

JAPAN

Equity

34594.18

country

JAPAN

Mixed Allocation

172.85

country

KOREA

Equity

7.33

country

KOREA

Fixed Income

-0.03

country

POLAND

Equity

-0.49

country

RUSSIA

Equity

67.77

country

RUSSIA

Fixed Income

-0.03

country

SOUTH AFRICA

Equity

-1.75

country

SPAIN

Equity

-2.68

country

TURKEY

Equity

-5.82

country

UNITED KINGDOM

Equity

204.78

industry

BASIC MATERIALS SECTOR

Equity

-11.63

industry

COMMUNICATIONS SECTOR

Equity

-7.88

industry

ENERGY SECTOR

Equity

274.56

industry

FINANCIAL SECTOR

Equity

-1.29

industry

HEALTH CARE SECTOR

Equity

108.05

industry

INDUSTRIAL SECTOR

Equity

3.53

industry

NATURAL RESOURCES SECTOR

Equity

-85.82

industry

REAL ESTATE SECTOR

Equity

19.63

industry

TECHNOLOGY SECTOR

Equity

-11.54

industry

UTILITIES SECTOR

Equity

10.27

region

AFRICAN REGION

Equity

-3.87

region

AFRICAN REGION

Fixed Income

0.00

region

ASIAN PACIFIC REGION

Equity

-194.55

region

ASIAN PACIFIC REGION

Fixed Income

8.68

region

ASIAN PACIFIC REGION EX JAPAN

Equity

-68.40

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

-0.11

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

-0.60

region

EASTERN EUROPEAN REGION

Equity

-15.60

region

EASTERN EUROPEAN REGION

Fixed Income

-0.03

region

EUROPEAN REGION

Equity

353.55

region

EUROPEAN REGION

Fixed Income

416.23

region

LATIN AMERICAN REGION

Equity

-33.70

region

LATIN AMERICAN REGION

Fixed Income

-14.31

region

MIDDLE EAST REGION

Equity

-0.21

region

NORDIC REGION

Equity

-16.39

region

NORTH AMERICAN REGION

Equity

232.03

region

NORTH AMERICAN REGION

Fixed Income

-0.30

Risk

GOVERNMENT BOND

Fixed Income

199.82

Risk

INFLATION PROTECTED

Fixed Income

-80.29

Risk

LONG SHORT

Alternative

1.04

Risk

LONG SHORT

Equity

1344.07

Risk

LONG SHORT

Fixed Income

7.34

segment

BRIC

Equity

610.21

segment

BRIC

Fixed Income

-1.86

segment

DEVELOPED MARKETS

Equity

291.73

segment

EMEA

Equity

-0.42

segment

EMERGING MARKETS

Equity

-1735.55

segment

GCC

Equity

-0.18

segment

MENA

Equity

0.40

segment

MENA

Fixed Income

-0.09

Size

LARGE-CAP

Alternative

0.00

Size

LARGE-CAP

Equity

804.24

Size

MID-CAP

Equity

-1535.25

Size

SMALL-CAP

Equity

226.84

                                   

                                   

Source: Midlincoln Research

Fund Aggregates

Some emerging market China related equity fund outflow flow accelerate at least on our data. GEM outflow totaled 1.7bn$ for GEM dedicated funds. China outflow totaled 3.2bn$ for China equity funds.

However for other country dedicated funds some inflow has been recorded.

So for Russian equity funds we recorded 87mn$ of inflows, Brazil funds showed 86mn$ of inflows, Korea equity funds showed 7.3mn$ of inflows, Indian fund inflow was 127 mn$, South Africa funds showed outflows of 1.7mn$.

Elsewhere  BRIC Equity fund flow was positive 610 mn$. While MENA, EMEA and GCC fund flow was neutral.

Fixed Income Brazil funds showed small outflow so did Russian and Korean. China and Indian fixed income funds showed inflows.

Among sector funds energy and health care funds showed biggest inflows.

Elsewhere long/short  equity funds showed inflow of 1.3bn$. Large cap funds showed inflow while midcap funds showed outflow.

2014-09-26

Russia Inflows

assclass

Type

prof

flow

 USD mln$

Equity

ETF

Market Vectors Russia

38.83

Equity

ETF

Direxion Daily Russia

31.20

Equity

ETF

iShares MSCI Russia ADR/GDR

12.04

Equity

OPEN-END FUND

JPMorgan Funds - Russia

10.30

Equity

OPEN-END FUND

JPMorgan Russia Securities

2.12

Source: MidLincoln Research

Russia Outflows

assclass

Type

prof

flow

 USD mln$

Equity

OPEN-END FUND

OTP Russia Equity Fund

-90.12

Equity

ETF

Source RDX UCITS ETF

-35.55

Equity

OPEN-END FUND

East Capital Lux - Russian

-4.08

Equity

OPEN-END FUND

East Capital - Russian

-3.97

Equity

ETF

Direxion Daily Russia

-3.26

Source: MidLincoln Research

China Inflows

assclass

Type

prof

flow

USD mln$

Equity

OPEN-END FUND

Shinhan BNPP Bonjour

99.99

Equity

ETF

iShares Asia Trust -

99.99

Equity

OPEN-END FUND

Schroder China Growth

85.91

Equity

OPEN-END FUND

AssetPlus China Rich

49.89

Equity

OPEN-END FUND

UBS (Lux) Equity Fund

45.95

Source: MidLincoln Research

China Outflows

assclass

Type

prof

flow U

SD mln$

Equity

OPEN-END FUND

TongYang Nest-Egg China

Equity

OPEN-END FUND

Mirae Asset China Industry

-99.99

Equity

OPEN-END FUND

Mirae Asset China Solomon

-99.99

Equity

ETF

Bosera FTSE China A50

-99.99

Equity

OPEN-END FUND

Hanwha China Legend

-99.99

Source: MidLincoln Research

South Africa Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

The Lyxor South Africa

7.07

Equity

ETF

iShares MSCI South Africa

3.78

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

-5.32

Equity

ETF

iShares MSCI South Africa

-0.21

Equity

ETF

HSBC MSCI South Africa

-0.08

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 South Korea

18.03

Equity

ETF

db x-trackers - MSCI

4.16

Equity

OPEN-END FUND

INVESCO Korean Equity

1.32

Equity

CLOSED-END FUND

Korea Equity Fund,

0.01

Equity

ETF

NEXT NOTES KOSPI200 Leveraged

0.00

Source: MidLincoln Research

Korea Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - Korea

-8.24

Equity

OPEN-END FUND

HSBC Global Investment

-4.63

Equity

OPEN-END FUND

JPMorgan Funds - Korea

-2.40

Equity

ETF

iShares MSCI Korea UCITS

-1.91

Equity

OPEN-END FUND

HSBC Global Investment

-1.82

Source: MidLincoln Research

India Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investment

99.99

Equity

OPEN-END FUND

GS India Equity Portfolio

17.31

Equity

OPEN-END FUND

JPMorgan Funds - India

14.25

Equity

ETF

iShares MSCI India ETF

10.62

Equity

OPEN-END FUND

Edmond De Rothschild

6.48

Source: MidLincoln Research

India Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investment

-22.35

Equity

OPEN-END FUND

Jupiter JGF - India Select

-7.61

Equity

ETF

Market Vectors India

-4.91

Fixed Income

OPEN-END FUND

Emerging India Focus

-4.09

Equity

OPEN-END FUND

Vontobel India Fund

-3.10

Source: MidLincoln Research

Turkey Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

DJ TURKEY TITANS 20 THEAM

0.00

Equity

ETF

HSBC MSCI TURKEY UCITS

0.00

Equity

ETF

RBS Market Access Dow

0.00

Equity

ETF

UBS ETF - MSCI Turkey

0.00

Equity

ETF

db x-trackers MSCI Turkey

0.00

Source: MidLincoln Research

Turkey Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Turkey UCITS

-5.32

Equity

ETF

The Lyxor ETF Turkey

-3.80

Equity

ETF

iShares MSCI Turkey ETF

-0.49

Equity

ETF

DJ TURKEY TITANS 20 THEAM

0.00

Equity

ETF

HSBC MSCI TURKEY UCITS

0.00

Source: MidLincoln Research

Brazil Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Brazil Capped

99.99

Fixed Income

OPEN-END FUND

Fondo Mutuo Security

99.99

Equity

OPEN-END FUND

JPMorgan Funds - Brazil

8.11

Equity

ETF

iShares MSCI Brazil UCITS

3.02

Equity

OPEN-END FUND

Fondo Mutuo IM Trust

1.36

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

Bradesco Global Funds

-11.37

Equity

OPEN-END FUND

HSBC Global Investment

-6.15

Fixed Income

OPEN-END FUND

UBS (Lux) Bond Sicav

-5.59

Equity

OPEN-END FUND

Amundi Funds - Equity

-4.47

Source: MidLincoln Research

Australia Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

UBS (Lux) Equity Fund

3.69

Fixed Income

OPEN-END FUND

1.43

Equity

OPEN-END FUND

Candriam Equities L

0.77

Equity

OPEN-END FUND

SSgA Australia Index

0.61

Equity

OPEN-END FUND

Candriam Equities L -

0.53

Source: MidLincoln Research

Australia Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

Baring International

-3.96

Equity

ETF

iShares MSCI Australia

-1.87

Equity

ETF

iShares MSCI Australia

-0.94

Equity

OPEN-END FUND

Baring International

-0.88

Equity

OPEN-END FUND

Australia Equity Income

-0.34

Source: MidLincoln Research

Canada Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

The Lyxor ETF Canada

38.76

Equity

ETF

First Trust Canada AlphaDEX

16.18

Equity

ETF

UBS ETF - MSCI Canada

3.85

Equity

ETF

The UBS ETF - MSCI Canada

3.80

Equity

ETF

The UBS ETFs plc - MSCI

2.79

Source: MidLincoln Research

Canada Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Canada -

-99.99

Equity

ETF

iShares MSCI Canada ETF

-65.37

Equity

ETF

db x-trackers MSCI Canada

-2.71

Equity

ETF

HSBC MSCI Canada UCITS

-0.55

Equity

ETF

UBS ETF - MSCI Canada

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

       

 Sep 29 2014· Midlincoln Research · midlincoln.com