Midlincoln Aggregates for funds for week ending last Friday (inclusive)
Focus | Objective | Asset Class | Flow USD mn | Commodities | INDUSTRIAL METALS | Commodity | 0.14 | Commodities | PRECIOUS METAL SECTOR | Equity | 2057.11 | Commodities | PRECIOUS METALS | Commodity | 2211.50 | Commodities | PRECIOUS METALS | Mixed Allocation | 140.99 | country | AUSTRALIA | Equity | 204.08 | country | AUSTRALIA | Fixed Income | 38.45 | country | BRAZIL | Alternative | -0.01 | country | BRAZIL | Equity | -43.83 | country | BRAZIL | Fixed Income | -1150.06 | country | CHINA | Equity | -36.50 | country | CHINA | Fixed Income | -32.04 | country | INDIA | Equity | -242.82 | country | INDIA | Fixed Income | -0.68 | country | ISRAEL | Equity | -11.53 | country | JAPAN | Equity | 47285.90 | country | JAPAN | Fixed Income | -2017.33 | country | JAPAN | Mixed Allocation | -0.79 | country | KOREA | Equity | -104.40 | country | POLAND | Equity | -3.39 | country | RUSSIA | Equity | 141.96 | country | RUSSIA | Fixed Income | -3.41 | country | SOUTH AFRICA | Equity | 0.67 | country | SPAIN | Equity | 20.61 | Country | TAIWAN | Equity | -4.46 | country | TURKEY | Equity | -5.85 | country | UNITED KINGDOM | Equity | -62.75 | industry | BASIC MATERIALS SECTOR | Equity | 922.96 | industry | COMMUNICATIONS SECTOR | Equity | -138.90 | industry | ENERGY SECTOR | Equity | -542.61 | industry | FINANCIAL SECTOR | Equity | -479.72 | industry | HEALTH CARE SECTOR | Equity | -8279.59 | industry | INDUSTRIAL SECTOR | Equity | -43.02 | industry | MULTIPLE SECTOR | Equity | 0.40 | industry | NATURAL RESOURCES SECTOR | Equity | -333.48 | industry | REAL ESTATE SECTOR | Alternative | -0.64 | industry | REAL ESTATE SECTOR | Equity | -55.61 | industry | TECHNOLOGY SECTOR | Equity | -5890.72 | industry | UTILITIES SECTOR | Equity | 163.91 | region | AFRICAN REGION | Equity | -0.53 | region | AFRICAN REGION | Fixed Income | 0.64 | region | ASIAN PACIFIC REGION | Equity | -4411.08 | region | ASIAN PACIFIC REGION | Fixed Income | -163.14 | region | ASIAN PACIFIC REGION | Mixed Allocation | 0.31 | region | ASIAN PACIFIC REGION EX JAPAN | Equity | -603.03 | region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -160.71 | region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -7.39 | region | EASTERN EUROPEAN REGION | Equity | -142.99 | region | EASTERN EUROPEAN REGION | Fixed Income | 11.21 | region | EASTERN EUROPEAN REGION | Mixed Allocation | -0.89 | region | EUROPEAN REGION | Equity | -2002.55 | region | EUROPEAN REGION | Fixed Income | -923.19 | region | EUROPEAN REGION | Mixed Allocation | 0.14 | region | LATIN AMERICAN REGION | Equity | 160.28 | region | LATIN AMERICAN REGION | Fixed Income | 502.83 | region | MIDDLE EAST REGION | Equity | 2.10 | region | MIDDLE EAST REGION | Fixed Income | -0.15 | region | NORDIC REGION | Equity | -145.37 | region | NORTH AMERICAN REGION | Equity | -242.78 | region | NORTH AMERICAN REGION | Fixed Income | -0.93 | Risk | GOVERNMENT BOND | Equity | 0.00 | Risk | GOVERNMENT BOND | Fixed Income | 506.16 | Risk | GOVERNMENT BOND | Mixed Allocation | 0.00 | Risk | INFLATION PROTECTED | Brazil | -0.12 | Risk | INFLATION PROTECTED | Fixed Income | 824.79 | Risk | INFLATION PROTECTED | Mixed Allocation | -23.81 | Risk | LONG SHORT | Alternative | -528.71 | Risk | LONG SHORT | Equity | -7817.84 | Risk | LONG SHORT | Fixed Income | -21.08 | Risk | LONG SHORT | Mixed Allocation | 0.00 | Sector | AGRICULTURE | Commodity | -143.70 | Sector | AGRICULTURE | Equity | -0.01 | Sector | CONSUMER DISCRETIONARY | Equity | -193.34 | Sector | CONSUMER STAPLES | Equity | -514.54 | segment | BRIC | Equity | -103.54 | segment | BRIC | Fixed Income | 0.26 | segment | DEVELOPED MARKETS | Equity | -155.37 | segment | EMEA | Equity | -14.08 | segment | EMEA | Fixed Income | 5.98 | segment | EMERGING MARKETS | Equity | -3973.64 | segment | GCC | Equity | 6.86 | segment | GCC | Fixed Income | 0.23 | segment | GCC | Mixed Allocation | -0.01 | segment | MENA | Equity | -0.04 | segment | MENA | Fixed Income | -1.11 | Size | LARGE-CAP | Equity | -1973.94 | Size | MID-CAP | Commodity | -0.17 | Size | MID-CAP | Equity | -501.97 | Size | SMALL-CAP | Equity | 138.74 |
Source: Midlincoln Research
Fund Aggregates
Chart: Fund Flow First Week of June Biggest Winners/LosersSource:
Emerging markets fund flow showed -3973.6 USD mn of outflow.. While Frontier Markets funds showed 0.3 USD mn of inflows.
BRAZIL Alternative funds showed 0.0 USD mn of inflow. BRAZIL Equity funds showed -43.8 USD mn of outflow. BRAZIL Fixed Income funds showed -1150.1 USD mn of outflow. CHINA Equity funds showed -36.5 USD mn of outflow. CHINA Fixed Income funds showed -32.0 USD mn of outflow. INDIA Equity funds showed -242.8 USD mn of outflow. INDIA Fixed Income funds showed -0.7 USD mn of outflow. KOREA Equity funds showed -104.4 USD mn of outflow. RUSSIA Equity funds showed 142.0 USD mn of inflow. RUSSIA Fixed Income funds showed -3.4 USD mn of outflow. SOUTH AFRICA Equity funds showed 0.7 USD mn of inflow. TURKEY Equity funds showed -5.8 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed -138.9 USD mn of outflow. ENERGY SECTOR Equity funds showed -542.6 USD mn of outflow. FINANCIAL SECTOR Equity funds showed -479.7 USD mn of outflow. REAL ESTATE SECTOR Alternative funds showed -0.6 USD mn of outflow. REAL ESTATE SECTOR Equity funds showed -55.6 USD mn of outflow. TECHNOLOGY SECTOR Equity funds showed -5890.7 USD mn of outflow. UTILITIES SECTOR Equity funds showed 163.9 USD mn of inflow.
LONG SHORT Alternative funds showed -528.7 USD mn of outflow. LONG SHORT Equity funds showed -7817.8 USD mn of outflow. LONG SHORT Fixed Income funds showed -21.1 USD mn of outflow. LONG SHORT Mixed Allocation funds showed 0.0 USD mn of inflow.
It is worth noting that MidLincoln data shows flow dynamics for last week ending last Friday where as EPFR data reports data only to last Wednesday, which makes ML data far more relevant
Top 5 fund winners and Top 5 losers by country by inflow
Russia Inflows assclass | profile | flow USD mln$ | Equity |
iShares MSCI Russi
a ADR/GDR UCITS ETF | 80.99 | Equity |
LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 27.78 | Equity |
HSBC MSCI Russia Capped UCITS ETF $ is a | 27.46 | Equity |
HSBC Global Investment Funds - Russia Equity | 22.03 | Equity |
db x-trackers MSCI Russia Capped Index UCITS | 20.39 |
Russia Outflows assclass | profile | flow USD mln$ | Equity |
Market Vectors Russia ETF is an exchange-traded | -15.28 | Equity |
Direxion Daily Russia Bull 3x Shares is an | -13.62 | Equity |
JPMorgan Funds - Russia Fund is an open-end | -9.95 | Equity |
JPMorgan Funds - Russia Fund is an open-end | -9.32 | Equity |
LYXOR ETF RUSSIA Dow Jones Russia GDR - D | -8.64 |
Source: MidLincoln Research
China Inflows assclass | profile | flow USD mln$ | Equity |
HSBC Global Investment Funds - Chinese | 99.99 | Equity |
China Fund, Inc. is a non-diversified, closed-end | 35.48 | Equity |
W.I.S.E. - CSI 300 China Tracker� is an index-tracking | 14.51 | Equity |
Aberdeen Greater China Fund, Inc. is a non-diversified, | 11.32 | Equity |
KB China Mainland A Share Leverage Securities | 3.23 |
China Outflows assclass | profile | flow USD mln$ | Equity |
Hang Seng Investment Index Funds Series - | -99.99 | Equity |
BlackRock Global Funds - China Fund is an | -57.58 | Equity |
iShares China Large-Cap ETF is an exchange-traded | -57.57 | Equity |
Deutsche X-trackers Harvest CSI 300 China | -19.82 | Fixed Income |
Deutsche Invest I China Bonds is an open-end | -18.48 |
Source: MidLincoln Research
South Africa Inflows assclass | profile | flow USD mln$ | Equity |
NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.59 | Equity |
iShares MSCI South Africa UCITS ETF is an | 0.09 | Equity |
NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
South Africa Outflows assclass | profile | flow USD mln$ | Equity |
NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 | Equity |
iShares MSCI South Africa UCITS ETF is an | 0.09 | Equity |
NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.59 |
Source: MidLincoln Research
Korea Inflows assclass | profile | flow USD mln$ | Equity |
Korea Fund, Inc. is a non-diversified, closed-end | 14.91 | Equity |
Fidelity Funds - Korea Fund is an open-end | 6.39 | Equity |
JPMorgan Korea Fund is a unit trust incorporated | 3.65 | Equity |
Korea Equity Fund, Inc. is a non-diversified, | 3.48 | Equity |
Matthews Korea Fund is an open-end fund | 2.68 |
Korea Outflows assclass | profile | flow USD mln$ | Equity |
iShares MSCI South Korea Capped ETF is an | -99.99 | Equity |
JPMorgan Funds - Korea Equity is an open-end | -13.09 | Equity |
Korea Fund, Inc. is a non-diversified, | -5.66 | Equity |
Baring Korea Feeder Fund is an open-end | -2.79 | Equity |
WisdomTree Korea Hedged Equity Fund is an | -2.07 |
Source: MidLincoln Research
India Inflows assclass | profile | flow USD mln$ | Equity |
India Fund, Inc. is a non-diversified, closed-end | 99.99 | Equity |
Morgan Stanley India Investment Fund, Inc. | 99.99 | Equity |
iShares MSCI India ETF is an exchange-traded | 39.60 | Equity |
The Lyxor ETF MSCI India is a UCITS compliant | 12.21 | Equity |
GS India Equity Portfolio is a Portfolio | 8.72 |
India Outflows assclass | profile | flow USD mln$ | Equity |
WisdomTree India Earnings Fund is an exchange-traded | -99.99 | Equity |
Aberdeen Global - India Equity Fund is | -99.99 | Equity |
Aberdeen Global - India Equity Fund is | -99.99 | Equity |
Franklin Templeton Investment Funds - Franklin | -99.48 | Equity |
India Fund, Inc. is a non-diversified, | -76.52 |
Source: MidLincoln Research
Turkey Inflows assclass | profile | flow USD mln$ | Equity |
db x-trackers MSCI Turkey Index UCITS ETF | -0.13 | Equity |
iShares MSCI Turkey UCITS ETF is an open-end, | -5.72 |
Turkey Outflows assclass | profile | flow USD mln$ | Equity |
iShares MSCI Turkey UCITS ETF is an open-end, | -5.72 | Equity |
db x-trackers MSCI Turkey Index UCITS ETF | -0.13 |
Source: MidLincoln Research
Brazil Inflows assclass | profile | flow USD mln$ | Fixed Income |
Aberdeen Global - Brazil Bond Fund is a | 39.75 | Equity |
Handelsbanken Funds - Brazil is an open-end | 3.09 | Fixed Income |
HSBC Global Investment Funds - Brazil Bond | 0.94 | Equity |
NEXT FUNDS Ibovespa Linked Exchange Traded | 0.00 | Equity |
Fondo de Inversion iFund MSCI Brazil Small | 0.00 |
Brazil Outflows assclass | profile | flow USD mln$ | Fixed Income |
Fondo Mutuo Security Fixed Income BRL is | -99.99 | Fixed Income |
Santander FIC FI Renda Fixa I Credito Privado | -99.99 | Equity |
HSBC Global Investment Funds - Brazil Equity | -11.46 | Equity |
JPMorgan Funds - Brazil Equity is an open-end | -11.43 | Equity |
JPMorgan Funds - Brazil Equity is an open-end | -11.42 |
Source: MidLincoln Research
Australia Inflows assclass | profile | flow USD mln$ | Equity |
Fidelity Funds - Australia Fund is an open-end | 81.16 | Equity |
UBS (Lux) Equity Fund - Australia (AUD) is | 43.18 | Fixed Income | | 39.30 | Equity |
db x-trackers S&P/ASX 200 UCITS ETF (DR) | 14.44 | Equity |
Aberdeen Australia Equity Fund, Inc. is a | 12.80 |
Australia Outflows assclass | profile | flow USD mln$ | Fixed Income |
UBS Australian Bond Income Fund is an open-end | -0.89 | Fixed Income |
Daiwa Bond Fund Series - Monthly Dividend | -0.10 | Equity |
Swisscanto AST Avant Aktien Ausland Index | 0.10 | Equity |
UBS (Lux) Equity Fund - Australia (AUD) | 0.13 | Fixed Income |
ZKB-CIF I Australia Govt. Bond Index is | 0.13 |
Source: MidLincoln Research
Canada Inflows
Canada Outflows 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
June 7, 2016· Midlincoln Research · midlincoln.com
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