Weekly Strategy

Sep 15 2014

MidLincoln Research

Aggregates for Funds

Global Investment Strategy with focus on Emerging markets 

Midlincoln Aggregates for funds

for the week between Sep 12 and Sep 5

                                                                                                 

Focus

Objective

Asset Class

Weekly

Flow $mn

Commodities

INDUSTRIAL METALS

Commodity

-1,8

Commodities

PRECIOUS METAL SECTOR

Equity

-81,1

country

AUSTRALIA

Equity

-12,0

country

AUSTRALIA

Fixed Income

0,5

country

BRAZIL

Equity

-38,6

country

BRAZIL

Fixed Income

-3,0

country

CHINA

Equity

-10728,3

country

CHINA

Fixed Income

34,1

country

INDIA

Equity

49,8

country

INDIA

Fixed Income

1,8

country

ISRAEL

Equity

0,0

country

JAPAN

Equity

17053,9

country

JAPAN

Mixed Allocation

1696,4

country

KOREA

Equity

21,3

country

KOREA

Fixed Income

0,0

country

POLAND

Equity

-3,6

country

RUSSIA

Equity

-37,1

country

RUSSIA

Fixed Income

0,2

country

SOUTH AFRICA

Equity

-10,7

country

SPAIN

Equity

-1,3

country

TURKEY

Equity

-5,6

country

UNITED KINGDOM

Equity

-14,6

industry

BASIC MATERIALS SECTOR

Equity

-141,7

industry

COMMUNICATIONS SECTOR

Equity

7,5

industry

ENERGY SECTOR

Equity

286,9

industry

FINANCIAL SECTOR

Equity

-5,2

industry

HEALTH CARE SECTOR

Equity

13,7

industry

INDUSTRIAL SECTOR

Equity

8,0

industry

NATURAL RESOURCES SECTOR

Equity

-28,5

industry

REAL ESTATE SECTOR

Equity

151,3

industry

TECHNOLOGY SECTOR

Equity

-10,4

industry

UTILITIES SECTOR

Equity

8,7

region

AFRICAN REGION

Equity

-2,6

region

AFRICAN REGION

Fixed Income

-0,1

region

ASIAN PACIFIC REGION

Equity

12,2

region

ASIAN PACIFIC REGION

Fixed Income

-7,9

region

ASIAN PACIFIC REGION EX JAPAN

Equity

25,7

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

-0,5

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

0,0

region

EASTERN EUROPEAN REGION

Equity

160,4

region

EASTERN EUROPEAN REGION

Fixed Income

0,1

region

EUROPEAN REGION

Equity

401,5

region

EUROPEAN REGION

Fixed Income

-359,2

region

LATIN AMERICAN REGION

Equity

-24,7

region

LATIN AMERICAN REGION

Fixed Income

14,4

region

MIDDLE EAST REGION

Equity

0,0

region

NORDIC REGION

Equity

-6,1

region

NORTH AMERICAN REGION

Equity

-49,4

region

NORTH AMERICAN REGION

Fixed Income

-0,4

Risk

GOVERNMENT BOND

Fixed Income

-20,0

Risk

INFLATION PROTECTED

Fixed Income

32,7

Risk

LONG SHORT

Alternative

10,0

Risk

LONG SHORT

Equity

4493,9

Risk

LONG SHORT

Fixed Income

-0,3

segment

BRIC

Equity

56,0

segment

BRIC

Fixed Income

-0,1

segment

DEVELOPED MARKETS

Equity

-225,5

segment

EMEA

Equity

-0,3

segment

EMERGING MARKETS

Equity

-247,9

segment

GCC

Equity

-0,1

segment

MENA

Equity

1,6

segment

MENA

Fixed Income

3,7

Size

LARGE-CAP

Alternative

0,0

Size

LARGE-CAP

Equity

1112,6

Size

MID-CAP

Equity

-45,7

Size

SMALL-CAP

Equity

-53,0

         

                                   

Source: Midlincoln Research

Fund Flow Aggregates

Last week (between Sep 5 and Sep 12)  Emerging Market equity fund flows were set to outflows. This is first GEM outflows stats on our numbers since we started tracking th fund flow info since approximately end of May this year.

Frontier markets funds post small inflow of 1.8mn$ however.

Equity Fund Flow is mostly outflow.

China funds lost 10bn$, Brazil lost 38mn$, Russia outflows were 37mn$, South Africa posted 10.7mn$ in outflows. Turkey outflow was 5.6$mn. One exception to outflows is Eastern European fund statistic which showed 400mn$ of inflows.

Fixed Income fund flow is more quiet

Brazil outflow was 3mn$ for fixed income funds, Russia fixed income funds posted 0.2mn$ of inflows. China bond funds posted 34mn$ of inflows.

Sector fund flow is mixed  energy, healthcare and real estate show chunky  inflows

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.

2014-09-12

Russia Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investment

17.26

Equity

OPEN-END FUND

HSBC Global Investment

15.12

Equity

OPEN-END FUND

JPMorgan Funds - Russia

7.87

Equity

ETF

Market Vectors Russia

5.08

Equity

ETF

iShares MSCI Russia ADR/GDR

2.64

Source: MidLincoln Research

Russia Outflows

assclass

Type

prof

flow

USD mln$

Equity

OPEN-END FUND

SEB Fund 2 - SEB Russia

-22.17

Equity

OPEN-END FUND

SEB Fund 2 - SEB Russia

-12.63

Equity

OPEN-END FUND

East Capital Lux - Russian

-4.35

Equity

OPEN-END FUND

East Capital - Russian

-3.92

Equity

OPEN-END FUND

Swedbank Robur Rysslandsfonden

-3.69

Source: MidLincoln Research

China Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

Shinhan BNPP Bonjour

99.99

Equity

ETF

Deutsche X-trackers Harvest

99.99

Equity

ETF

Direxion Daily FTSE China

80.22

Equity

ETF

Bosera FTSE China A50

34.89

Equity

OPEN-END FUND

UBS (Lux) Equity Fund

30.62

Source: MidLincoln Research

China Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

db x-trackers Harvest

-99.99

Equity

OPEN-END FUND

Eastspring China Dragon

-88.02

Equity

OPEN-END FUND

PCA China Dragon A

-43.42

Equity

ETF

Hang Seng Investment

-29.88

Equity

OPEN-END FUND

INVESCO PRC Equity Fund

-18.14

Source: MidLincoln Research

South Africa Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE Africa

0.00

Equity

ETF

iShares MSCI South Africa

0.00

Equity

ETF

iShares MSCI South Africa

-0.14

Equity

ETF

iShares MSCI South Africa

-10.53

Source: MidLincoln Research

South Africa Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI South Africa

-10.53

Equity

ETF

iShares MSCI South Africa

-0.14

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE Africa

0.00

Equity

ETF

iShares MSCI South Africa

0.00

Source: MidLincoln Research

Korea Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

INVESCO Korean Equity

14.08

Equity

ETF

iShares MSCI South Korea

8.99

Equity

ETF

iShares MSCI Korea UCITS

0.94

Equity

OPEN-END FUND

HSBC Global Investment

0.77

Equity

OPEN-END FUND

JPMorgan Funds - Korea

0.39

Source: MidLincoln Research

Korea Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - Korea

-1.97

Equity

FUND OF FUNDS

Baring Korea Feeder

-0.75

Equity

OPEN-END FUND

HSBC Global Investment

-0.35

Equity

ETF

iShares MSCI Korea UCITS

-0.23

Equity

OPEN-END FUND

KIM Investment Funds

-0.15

Source: MidLincoln Research

India Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

GS India Equity Portfolio

16.44

Equity

ETF

WisdomTree India Earnings

7.74

Equity

OPEN-END FUND

Jupiter India Fund

6.62

Equity

OPEN-END FUND

Kotak Funds - India

4.62

Equity

OPEN-END FUND

Jupiter JGF - India Select

4.52

Source: MidLincoln Research

India Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investment

-54.35

Equity

OPEN-END FUND

HSBC Global Investment

-7.68

Equity

OPEN-END FUND

JPMorgan Funds - India

-5.05

Equity

ETF

EGShares India Small

-1.75

Equity

OPEN-END FUND

Fidelity India Securities

-1.65

Source: MidLincoln Research

Turkey Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Turkey ETF

-1.05

Equity

ETF

iShares MSCI Turkey UCITS

-4.55

Source: MidLincoln Research

Turkey Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Turkey UCITS

-4.55

Equity

ETF

iShares MSCI Turkey ETF

-1.05

Source: MidLincoln Research

Brazil Inflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - Brazil

7.53

Equity

ETF

ProShares Ultra MSCI

5.11

Equity

ETF

iShares MSCI Brazil Small-Cap

3.21

Equity

ETF

Direxion Daily Brazil

2.30

Fixed Income

OPEN-END FUND

DWS Brazil Bond Fund

0.88

Source: MidLincoln Research

Brazil Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Brazil Capped

-32.17

Equity

OPEN-END FUND

HSBC Global Investment

-8.86

Equity

OPEN-END FUND

HSBC Global Investment

-8.57

Equity

OPEN-END FUND

JPMorgan Brazil Securities

-5.24

Equity

ETF

iShares MSCI Brazil UCITS

-4.69

Source: MidLincoln Research

Australia Inflows

assclass

Type

prof

flow USD mln$

Fixed Income

OPEN-END FUND

0.53

Equity

OPEN-END FUND

NESTOR Australien Fonds

0.51

Equity

OPEN-END FUND

NESTOR Australien Fonds

0.50

Fixed Income

OPEN-END FUND

Daiwa Bond Fund Series

0.05

Equity

OPEN-END FUND

Mirae Asset Australia

0.00

Source: MidLincoln Research

Australia Outflows

assclass

Type

prof

flow USD mln$

Equity

OPEN-END FUND

Baring International

-4.50

Equity

OPEN-END FUND

Australia Equity Income

-3.58

Equity

ETF

iShares MSCI Australia

-2.12

Equity

OPEN-END FUND

Baring International

-2.09

Equity

ETF

iShares MSCI Australia

-1.07

Source: MidLincoln Research

Canada Inflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Canada -

2.97

Equity

ETF

iShares MSCI Canada Small-Cap

0.00

Equity

ETF

First Trust Canada AlphaDEX

0.00

Equity

ETF

iShares MSCI Canada ETF

-28.71

Source: MidLincoln Research

Canada Outflows

assclass

Type

prof

flow USD mln$

Equity

ETF

iShares MSCI Canada ETF

-28.71

Equity

ETF

iShares MSCI Canada Small-Cap

0.00

Equity

ETF

First Trust Canada AlphaDEX

0.00

Equity

ETF

iShares MSCI Canada -

2.97

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  15 2014· Midlincoln Research · midlincoln.com