Weekly Strategy

June 7, 2016

MidLincoln Research

Aggregates for Funds

BIG Data Global Investment Strategy with focus on GEMs

Midlincoln Aggregates for funds

for week ending last Friday (inclusive)

                                     
FocusObjectiveAsset ClassFlow USD mn
CommoditiesINDUSTRIAL METALSCommodity0.14
CommoditiesPRECIOUS METAL SECTOREquity2057.11
CommoditiesPRECIOUS METALSCommodity2211.50
CommoditiesPRECIOUS METALSMixed Allocation140.99
countryAUSTRALIAEquity204.08
countryAUSTRALIAFixed Income38.45
countryBRAZILAlternative-0.01
countryBRAZILEquity-43.83
countryBRAZILFixed Income-1150.06
countryCHINAEquity-36.50
countryCHINAFixed Income-32.04
countryINDIAEquity-242.82
countryINDIAFixed Income-0.68
countryISRAELEquity-11.53
countryJAPANEquity47285.90
countryJAPANFixed Income-2017.33
countryJAPANMixed Allocation-0.79
countryKOREAEquity-104.40
countryPOLANDEquity-3.39
countryRUSSIAEquity141.96
countryRUSSIAFixed Income-3.41
countrySOUTH AFRICAEquity0.67
countrySPAINEquity20.61
CountryTAIWANEquity-4.46
countryTURKEYEquity-5.85
countryUNITED KINGDOMEquity-62.75
industryBASIC MATERIALS SECTOREquity922.96
industryCOMMUNICATIONS SECTOREquity-138.90
industryENERGY SECTOREquity-542.61
industryFINANCIAL SECTOREquity-479.72
industryHEALTH CARE SECTOREquity-8279.59
industryINDUSTRIAL SECTOREquity-43.02
industryMULTIPLE SECTOREquity0.40
industryNATURAL RESOURCES SECTOREquity-333.48
industryREAL ESTATE SECTORAlternative-0.64
industryREAL ESTATE SECTOREquity-55.61
industryTECHNOLOGY SECTOREquity-5890.72
industryUTILITIES SECTOREquity163.91
regionAFRICAN REGIONEquity-0.53
regionAFRICAN REGIONFixed Income0.64
regionASIAN PACIFIC REGIONEquity-4411.08
regionASIAN PACIFIC REGIONFixed Income-163.14
regionASIAN PACIFIC REGIONMixed Allocation0.31
regionASIAN PACIFIC REGION EX JAPANEquity-603.03
regionASIAN PACIFIC REGION EX JAPANFixed Income-160.71
regionASIAN PACIFIC REGION EX JAPANMixed Allocation-7.39
regionEASTERN EUROPEAN REGIONEquity-142.99
regionEASTERN EUROPEAN REGIONFixed Income11.21
regionEASTERN EUROPEAN REGIONMixed Allocation-0.89
regionEUROPEAN REGIONEquity-2002.55
regionEUROPEAN REGIONFixed Income-923.19
regionEUROPEAN REGIONMixed Allocation0.14
regionLATIN AMERICAN REGIONEquity160.28
regionLATIN AMERICAN REGIONFixed Income502.83
regionMIDDLE EAST REGIONEquity2.10
regionMIDDLE EAST REGIONFixed Income-0.15
regionNORDIC REGIONEquity-145.37
regionNORTH AMERICAN REGIONEquity-242.78
regionNORTH AMERICAN REGIONFixed Income-0.93
RiskGOVERNMENT BONDEquity0.00
RiskGOVERNMENT BONDFixed Income506.16
RiskGOVERNMENT BONDMixed Allocation0.00
RiskINFLATION PROTECTEDBrazil-0.12
RiskINFLATION PROTECTEDFixed Income824.79
RiskINFLATION PROTECTEDMixed Allocation-23.81
RiskLONG SHORTAlternative-528.71
RiskLONG SHORTEquity-7817.84
RiskLONG SHORTFixed Income-21.08
RiskLONG SHORTMixed Allocation0.00
SectorAGRICULTURECommodity-143.70
SectorAGRICULTUREEquity-0.01
SectorCONSUMER DISCRETIONARYEquity-193.34
SectorCONSUMER STAPLESEquity-514.54
segmentBRICEquity-103.54
segmentBRICFixed Income0.26
segmentDEVELOPED MARKETSEquity-155.37
segmentEMEAEquity-14.08
segmentEMEAFixed Income5.98
segmentEMERGING MARKETSEquity-3973.64
segmentGCCEquity6.86
segmentGCCFixed Income0.23
segmentGCCMixed Allocation-0.01
segmentMENAEquity-0.04
segmentMENAFixed Income-1.11
SizeLARGE-CAPEquity-1973.94
SizeMID-CAPCommodity-0.17
SizeMID-CAPEquity-501.97
SizeSMALL-CAPEquity138.74

                         

                                   

Source: Midlincoln Research

Fund Aggregates



Chart: Fund Flow First Week of June Biggest Winners/Losers

Source:




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

assclassprofileflow USD mln$
Equity iShares MSCI Russi a ADR/GDR UCITS ETF80.99
Equity LYXOR ETF RUSSIA (Dow Jones Russia GDR) -27.78
Equity HSBC MSCI Russia Capped UCITS ETF $ is a27.46
Equity HSBC Global Investment Funds - Russia Equity22.03
Equity db x-trackers MSCI Russia Capped Index UCITS20.39

Russia Outflows

assclassprofileflow 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

assclassprofileflow USD mln$
Equity HSBC Global Investment Funds - Chinese99.99
Equity China Fund, Inc. is a non-diversified, closed-end35.48
Equity W.I.S.E. - CSI 300 China Tracker� is an index-tracking14.51
Equity Aberdeen Greater China Fund, Inc. is a non-diversified,11.32
Equity KB China Mainland A Share Leverage Securities3.23

China Outflows

assclassprofileflow 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

assclassprofileflow USD mln$
Equity NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange0.59
Equity iShares MSCI South Africa UCITS ETF is an0.09
Equity NEXT FUNDS FTSE/JSE Africa Top40 Linked0.00

South Africa Outflows

assclassprofileflow USD mln$
Equity NEXT FUNDS FTSE/JSE Africa Top40 Linked0.00
Equity iShares MSCI South Africa UCITS ETF is an0.09
Equity NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange0.59

Source: MidLincoln Research


Korea Inflows

assclassprofileflow USD mln$
Equity Korea Fund, Inc. is a non-diversified, closed-end14.91
Equity Fidelity Funds - Korea Fund is an open-end6.39
Equity JPMorgan Korea Fund is a unit trust incorporated3.65
Equity Korea Equity Fund, Inc. is a non-diversified,3.48
Equity Matthews Korea Fund is an open-end fund2.68

Korea Outflows

assclassprofileflow 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

assclassprofileflow USD mln$
Equity India Fund, Inc. is a non-diversified, closed-end99.99
Equity Morgan Stanley India Investment Fund, Inc.99.99
Equity iShares MSCI India ETF is an exchange-traded39.60
Equity The Lyxor ETF MSCI India is a UCITS compliant12.21
Equity GS India Equity Portfolio is a Portfolio8.72

India Outflows

assclassprofileflow 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

assclassprofileflow 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

assclassprofileflow 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

assclassprofileflow USD mln$
Fixed Income Aberdeen Global - Brazil Bond Fund is a39.75
Equity Handelsbanken Funds - Brazil is an open-end3.09
Fixed Income HSBC Global Investment Funds - Brazil Bond0.94
Equity NEXT FUNDS Ibovespa Linked Exchange Traded0.00
Equity Fondo de Inversion iFund MSCI Brazil Small0.00

Brazil Outflows

assclassprofileflow 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

assclassprofileflow USD mln$
Equity Fidelity Funds - Australia Fund is an open-end81.16
Equity UBS (Lux) Equity Fund - Australia (AUD) is43.18
Fixed Income39.30
Equity db x-trackers S&P/ASX 200 UCITS ETF (DR)14.44
Equity Aberdeen Australia Equity Fund, Inc. is a12.80

Australia Outflows

assclassprofileflow 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 Index0.10
Equity UBS (Lux) Equity Fund - Australia (AUD)0.13
Fixed Income ZKB-CIF I Australia Govt. Bond Index is0.13

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