Weekly Strategy

Aug 25 2014

MidLincoln Research

Aggregates for Funds

Global Investment Strategy with focus on Emerging markets 

Midlincoln Aggregates for funds

Between August 20 and

 August 13

                                   

Style

Objective

Asset Class

Flow US mln$

Risk

LONG SHORT

Alternative

-287,5

Size

LARGE-CAP

Alternative

21,8

Commodities

INDUSTRIAL METALS

Commodity

-6,7

Commodities

PRECIOUS METAL SECTOR

Equity

29,7

country

AUSTRALIA

Equity

8,8

country

BRAZIL

Equity

130,5

country

CHINA

Equity

844,8

country

INDIA

Equity

27,4

country

ISRAEL

Equity

0,0

country

KOREA

Equity

64,6

country

POLAND

Equity

-4,5

country

RUSSIA

Equity

-85,7

country

SOUTH AFRICA

Equity

-0,1

country

SPAIN

Equity

21,1

country

TURKEY

Equity

-4,0

country

UNITED KINGDOM

Equity

129,3

industry

BASIC MATERIALS SECTOR

Equity

17,2

industry

COMMUNICATIONS SECTOR

Equity

16,5

industry

ENERGY SECTOR

Equity

300,2

industry

FINANCIAL SECTOR

Equity

-267,4

industry

HEALTH CARE SECTOR

Equity

77,8

industry

INDUSTRIAL SECTOR

Equity

4,4

industry

MULTIPLE SECTOR

Equity

0,0

industry

NATURAL RESOURCES SECTOR

Equity

-21,3

industry

REAL ESTATE SECTOR

Equity

-244,5

industry

TECHNOLOGY SECTOR

Equity

-0,4

industry

UTILITIES SECTOR

Equity

59,7

region

AFRICAN REGION

Equity

40,6

region

ASIAN PACIFIC REGION

Equity

836,1

region

ASIAN PACIFIC REGION EX JAPAN

Equity

944,3

region

EASTERN EUROPEAN REGION

Equity

-2,3

region

EUROPEAN REGION

Equity

-18471,1

region

LATIN AMERICAN REGION

Equity

993,4

region

MIDDLE EAST REGION

Equity

1,0

region

NORDIC REGION

Equity

-15,7

region

NORTH AMERICAN REGION

Equity

4,0

Risk

LONG SHORT

Equity

3625,1

segment

BRIC

Equity

-45,5

segment

DEVELOPED MARKETS

Equity

-608,0

segment

EMEA

Equity

0,1

segment

EMERGING MARKETS

Equity

770,8

segment

GCC

Equity

0,3

segment

MENA

Equity

14,2

Size

LARGE-CAP

Equity

774,6

Size

MID-CAP

Equity

936,3

Size

SMALL-CAP

Equity

-106,0

country

AUSTRALIA

Fixed Income

0,8

country

BRAZIL

Fixed Income

-8,1

country

CHINA

Fixed Income

37,7

country

INDIA

Fixed Income

-0,2

country

JAPAN

Fixed Income

130,5

country

KOREA

Fixed Income

0,0

country

RUSSIA

Fixed Income

3,9

region

AFRICAN REGION

Fixed Income

0,0

region

ASIAN PACIFIC REGION

Fixed Income

-7,1

region

ASIAN PACIFIC REGION EX JAPAN

Fixed Income

-100,8

region

EASTERN EUROPEAN REGION

Fixed Income

0,3

region

EUROPEAN REGION

Fixed Income

69,2

region

LATIN AMERICAN REGION

Fixed Income

-5,1

region

NORTH AMERICAN REGION

Fixed Income

-0,2

Risk

GOVERNMENT BOND

Fixed Income

663,9

Risk

INFLATION PROTECTED

Fixed Income

1146,8

Risk

LONG SHORT

Fixed Income

0,4

segment

BRIC

Fixed Income

0,1

segment

EMEA

Fixed Income

0,1

segment

GCC

Fixed Income

0,0

segment

MENA

Fixed Income

0,6

country

JAPAN

Mixed Allocation

533,5

region

ASIAN PACIFIC REGION EX JAPAN

Mixed Allocation

0,0

Risk

INFLATION PROTECTED

Mixed Allocation

0,0

Risk

LONG SHORT

Mixed Allocation

0,0

                 

                                   

Source: Midlincoln Research

Fund Aggregates

Equity Fund Flow is mixed.

GEM funds flows slightly cooler at 723$mn, Japan outflows are large, European equities outflows are large as well. China (+844) posted inflow, so did Brazil (+130mn$) and Korea (64mn$). Outflows were recorded for Russia (-85mn$) and Turkey (-4mn$).

BRIC funds showed outflow while MENA and GCC funds showed inflow.

Fixed Income funds show inflows.

Mostly showed inflow. Russian inflow was 4mn$, Brazil showed outflow of 8mn$

Sector funds show inflow except financials

Mostly inflows for sector focused funds except for financials and real estate sector funds.

CRABSTICKS set of countries flows:

Data as of 2014-08-20 Weekly flows

Russia Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI Russia A

25.47

Equity

ETF

Market Vectors Russia

13.54

Equity

OPEN-END FUND

JPMorgan Funds - Ru

12.02

Equity

OPEN-END FUND

JPMorgan Funds - Ru

9.58

Fixed Income

OPEN-END FUND

Parvest Bond World In

4.05

Source: MidLincoln Research

Russia Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

OPEN-END FUND

Parvest Equity Russ

-99.99

Equity

ETF

db x-trackers MSCI Ru

-16.29

Equity

ETF

db x-trackers MSCI Ru

-8.34

Equity

ETF

LYXOR ETF RUSSIA Dow

-7.35

Equity

OPEN-END FUND

DWS Russia is an op

-6.85

Source: MidLincoln Research

China Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

Yuanta/P-shares SSE50

99.99

Equity

ETF

iShares Asia Trust -

99.99

Equity

ETF

Bosera FTSE China A50

99.99

Equity

OPEN-END FUND

Mirae Asset Tiger C

59.98

Equity

OPEN-END FUND

UBS (Lux) Equity Fu

42.72

Source: MidLincoln Research

China Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

OPEN-END FUND

Shinhan BNPP Bonjou

-24.38

Equity

ETF

db x-trackers Harvest

-19.24

Equity

ETF

db x-trackers CSI300

-18.97

Equity

OPEN-END FUND

Eastspring China Dr

-17.35

Equity

ETF

db x-trackers CSI300

-17.20

Source: MidLincoln Research

South Africa Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI South Af

0.04

Equity

ETF

iShares MSCI South Af

0.02

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE A

0.00

Equity

ETF

RBS Market Access FTS

0.00

Source: MidLincoln Research

South Africa Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI South Af

-0.17

Equity

ETF

HSBC MSCI South Afric

-0.02

Equity

ETF

NEXT FUNDS FTSE/JSE

0.00

Equity

ETF

NEXT FUNDS FTSE/JSE A

0.00

Equity

ETF

RBS Market Access FTS

0.00

Source: MidLincoln Research

Korea Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI South Ko

64.93

Equity

OPEN-END FUND

KIM Investment Fund

9.20

Equity

ETF

db x-trackers - MSCI

8.41

Equity

ETF

iShares MSCI Korea UC

4.46

Equity

OPEN-END FUND

INVESCO Korean Equi

3.05

Source: MidLincoln Research

Korea Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

OPEN-END FUND

JPMorgan Funds - Kore

-19.60

Equity

OPEN-END FUND

JPMorgan Funds - Ko

-7.72

Equity

OPEN-END FUND

Amundi Funds - Equi

-0.94

Equity

OPEN-END FUND

HSBC Global Investmen

-0.41

Equity

ETF

iShares MSCI Korea UC

-0.19

Source: MidLincoln Research

India Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

WisdomTree India Earn

19.66

Equity

OPEN-END FUND

Jupiter Global Fund -

9.49

Equity

OPEN-END FUND

Shinhan BNPP Bonjou

9.20

Equity

ETF

db x-trackers CNX Nif

6.02

Equity

OPEN-END FUND

Natixis Internation

5.38

Source: MidLincoln Research

India Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

OPEN-END FUND

HSBC Global Investm

-14.66

Equity

OPEN-END FUND

Amundi Funds - Equi

-12.42

Equity

OPEN-END FUND

HSBC Global Investmen

-5.95

Equity

ETF

Direxion Daily India

-4.92

Equity

OPEN-END FUND

Global Investment O

-4.12

Source: MidLincoln Research

Turkey Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI Turkey U

6.17

Equity

ETF

UBS ETF - MSCI Turkey

0.03

Equity

ETF

DJ TURKEY TITANS 20 T

0.00

Equity

ETF

HSBC MSCI TURKEY UCIT

0.00

Equity

ETF

RBS Market Access Dow

0.00

Source: MidLincoln Research

Turkey Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

The Lyxor ETF Turkey

-10.20

Equity

ETF

iShares MSCI Turkey E

-0.01

Equity

ETF

DJ TURKEY TITANS 20 T

0.00

Equity

ETF

HSBC MSCI TURKEY UCIT

0.00

Equity

ETF

RBS Market Access Dow

0.00

Source: MidLincoln Research

Brazil Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI Brazil C

99.99

Fixed Income

OPEN-END FUND

Fondo Mutuo Securit

99.99

Equity

ETF

iShares MSCI Brazil U

73.98

Equity

OPEN-END FUND

JPMorgan Brazil Sec

4.82

Equity

ETF

iShares MSCI Brazil U

0.23

Source: MidLincoln Research

Brazil Outflows

assclass

Type

Fund Name

flow

USD mln$

Equity

OPEN-END FUND

Goal Acciones Brasi

Equity

OPEN-END FUND

HSBC Global Investm

-25.50

Equity

OPEN-END FUND

HSBC Global Investmen

-17.37

Fixed Income

OPEN-END FUND

Bradesco Global Fun

-16.16

Equity

ETF

Lyxor ETF Brazil (Ibo

-10.26

Source: MidLincoln Research

Australia Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI Australi

6.96

Equity

OPEN-END FUND

Candriam Equities L

6.50

Equity

ETF

The Lyxor ETF S&P ASX

2.02

Equity

ETF

Lyxor ETF Australia (

1.24

Equity

OPEN-END FUND

Fisher Funds - Aust

0.99

Source: MidLincoln Research

Australia Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

OPEN-END FUND

Australia Equity In

-5.66

Equity

OPEN-END FUND

UBS (Lux) Equity Fu

-3.32

Equity

OPEN-END FUND

NESTOR Australien Fon

-1.63

Equity

OPEN-END FUND

Baring Internationa

-1.37

Equity

OPEN-END FUND

SSgA Australia Inde

-0.36

Source: MidLincoln Research

Canada Inflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

iShares MSCI Canada -

99.99

Equity

ETF

iShares MSCI Canada E

48.94

Equity

ETF

The UBS ETF - MSCI Ca

1.91

Equity

ETF

The UBS ETFs plc - MS

1.34

Equity

ETF

HSBC MSCI Canada UCIT

0.12

Source: MidLincoln Research

Canada Outflows

assclass

Type

Fund Name

flow USD mln$

Equity

ETF

UBS ETF - MSCI Canada

-3.64

Equity

ETF

UBS ETF - MSCI Canada

-0.18

Equity

ETF

The UBS ETF - MSCI Ca

-0.13

Equity

ETF

The UBS ETF - MSCI Ca

-0.07

Equity

ETF

iShares MSCI Canada S

-0.01

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

       

 Aug 18 2014· Midlincoln Research · midlincoln.com