ML Fund Aggregates January 6, 2015

Weekly Strategy

January 6, 2015

MidLincoln Research

Aggregates for Funds

BIG Data Global Investment Strategy with focus on GEMs

Midlincoln Aggregates for funds

for week ending last Friday (inclusive)

Focus	Objective	Asset Class	Flow USD mn
Commodities	INDUSTRIAL METALS	Commodity	-6.52
Commodities	PRECIOUS METAL SECTOR	Equity	-69.32
country	AUSTRALIA	Equity	-9.24
country	AUSTRALIA	Mixed Allocation	-0.05
country	BRAZIL	Equity	-162.52
country	BRAZIL	Fixed Income	0.54
country	CHINA	Equity	-133.87
country	CHINA	Fixed Income	3.85
country	INDIA	Equity	17.71
country	ISRAEL	Equity	0.00
country	JAPAN	Equity	223.42
country	KOREA	Equity	-47.23
country	POLAND	Equity	-3.58
country	RUSSIA	Equity	17.39
country	RUSSIA	Fixed Income	0.00
country	SOUTH AFRICA	Equity	-0.04
country	SPAIN	Equity	-2.23
country	TURKEY	Equity	1.80
country	UNITED KINGDOM	Equity	-66.11
industry	BASIC MATERIALS SECTOR	Equity	4.24
industry	COMMUNICATIONS SECTOR	Equity	0.25
industry	ENERGY SECTOR	Equity	46.40
industry	FINANCIAL SECTOR	Equity	-2.16
industry	HEALTH CARE SECTOR	Equity	-1.09
industry	INDUSTRIAL SECTOR	Equity	5.56
industry	NATURAL RESOURCES SECTOR	Equity	-32.66
industry	REAL ESTATE SECTOR	Equity	-213.40
industry	TECHNOLOGY SECTOR	Equity	20.85
industry	UTILITIES SECTOR	Equity	27.71
region	AFRICAN REGION	Equity	-0.54
region	ASIAN PACIFIC REGION	Alternative	0.21
region	ASIAN PACIFIC REGION	Equity	33.45
region	ASIAN PACIFIC REGION	Fixed Income	-0.23
region	ASIAN PACIFIC REGION EX JAPAN	Equity	1.60
region	ASIAN PACIFIC REGION EX JAPAN	Fixed Income	0.00
region	EASTERN EUROPEAN REGION	Equity	-12.86
region	EUROPEAN REGION	Equity	82.16
region	LATIN AMERICAN REGION	Equity	-14.06
region	MIDDLE EAST REGION	Equity	-2.10
region	NORTH AMERICAN REGION	Equity	28.67
region	NORTH AMERICAN REGION	Fixed Income	-1.08
Risk	GOVERNMENT BOND	Fixed Income	-247.55
Risk	INFLATION PROTECTED	Fixed Income	39.77
Risk	LONG SHORT	Alternative	299.67
Risk	LONG SHORT	Equity	-5.53
segment	BRIC	Equity	-28.93
segment	BRIC	Fixed Income	-0.14
segment	DEVELOPED MARKETS	Equity	5.44
segment	EMEA	Equity	-0.39
segment	EMERGING MARKETS	Equity	-57.40
segment	MENA	Equity	0.77
Size	LARGE-CAP	Alternative	10.45
Size	LARGE-CAP	Equity	-122.26
Size	MID-CAP	Equity	891.55
Size	SMALL-CAP	Equity	185.86

Source: Midlincoln Research

Fund Aggregates

Emerging markets fund flow showed -57.4 USD mn of outflow.While Frontier Markets funds showed 7.8 USD mn of inflows.

BRAZIL Equity funds showed -162.5 USD mn of outflow.
BRAZIL Fixed Income funds showed 0.5 USD mn of inflow.
CHINA Equity funds showed -133.9 USD mn of outflow.
CHINA Fixed Income funds showed 3.8 USD mn of inflow.
INDIA Equity funds showed 17.7 USD mn of inflow.
KOREA Equity funds showed -47.2 USD mn of outflow.
RUSSIA Equity funds showed 17.4 USD mn of inflow.
RUSSIA Fixed Income funds showed 0.0 USD mn of inflow.
SOUTH AFRICA Equity funds showed 0.0 USD mn of inflow.
TURKEY Equity funds showed 1.8 USD mn of inflow.

COMMUNICATIONS SECTOR Equity funds showed 0.3 USD mn of inflow.
ENERGY SECTOR Equity funds showed 46.4 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -2.2 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed -213.4 USD mn of outflow.
TECHNOLOGY SECTOR Equity funds showed 20.8 USD mn of inflow.
UTILITIES SECTOR Equity funds showed 27.7 USD mn of inflow.

LONG SHORT Alternative funds showed 299.7 USD mn of inflow.
LONG SHORT Equity funds showed -5.5 USD mn of outflow.

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	Type	profile	flow USD mln$
Fixed Income	OPEN-END FUND	DWS Russia Bond Fund is a "specialized"	10.53
Equity	ETF	Direxion Daily Russia Bull 3x Shares is an	9.34
Equity	ETF	Direxion Daily Russia Bear 3x Shares is an	4.11
Equity	OPEN-END FUND	Shinhan BNPP Bonjour Russia Securities	3.86
Equity	OPEN-END FUND	JPMorgan Funds - Russia Fund is an open-end	2.30

Russia Outflows

assclass	Type	profile	flow USD mln$
Equity	OPEN-END FUND	HSBC Global Investment Funds - Russia Equity	-19.35
Equity	ETF	iShares MSCI Russia ADR/GDR UCITS ETF is	-10.65
Equity	OPEN-END FUND	HSBC Global Investment Funds - Russia Equity	-9.20
Equity	ETF	Market Vectors Russia ETF is an exchange-traded	-5.33
Equity	OPEN-END FUND	HSBC Global Investment Funds - Russia Equity	-5.27

Source: MidLincoln Research

China Inflows

assclass	Type	profile	flow USD mln$
Equity	OPEN-END FUND	UBS (Lux) Equity Fund - China Opportunity	67.52
Equity	ETF	Deutsche X-trackers Harvest CSI 300 China	27.41
Equity	OPEN-END FUND	INVESCO PRC Equity Fund is a UCITS certified	25.10
Equity	OPEN-END FUND	Guinness Atkinson China & Hong Kong Fund	16.79
Equity	OPEN-END FUND	HSBC Global Investment Funds - Chinese Equity	13.03

China Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	WisdomTree China Dividend Ex-Financials Fund
Equity	ETF	ProShares Short FTSE/Xinhua China 50 is an short
Equity	ETF	ProShares Ultra FTSE China 50 is an exchange-traded
Equity	ETF	Proshares UltraShort FTSE China 50 is short
Equity	OPEN-END FUND	Shinhan BNPP Bonjour China Securities Investment	-65.42

Source: MidLincoln Research

South Africa Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI South Africa UCITS ETF is an	0.07
Equity	ETF	iShares MSCI South Africa - B UCITS ETF is	0.00
Equity	ETF	iShares MSCI South Africa - B UCITS ETF is	0.00
Equity	ETF	iShares MSCI South Africa ETF is an exchange-traded	-0.02
Equity	ETF	iShares MSCI South Africa ETF is an exchange-traded	-0.02

South Africa Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI South Africa ETF is an exchange-traded	-0.02
Equity	ETF	iShares MSCI South Africa ETF is an exchange-traded	-0.02
Equity	ETF	iShares MSCI South Africa - B UCITS ETF is	0.00
Equity	ETF	iShares MSCI South Africa - B UCITS ETF is	0.00
Equity	ETF	iShares MSCI South Africa UCITS ETF is an	0.07

Source: MidLincoln Research

Korea Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	Value Korea ETF is an exchange-traded fund	0.00
Equity	ETF	Deutsche X-trackers MSCI South Korea Hedged	0.00
Equity	ETF	WisdomTree Korea Hedged Equity Fund is an	0.00
Equity	ETF	iShares MSCI South Korea Capped ETF is an	0.00
Equity	ETF	First Trust South Korea AlphaDEX Fund is	0.00

Korea Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI South Korea Capped ETF i s
Equity	ETF	iShares MSCI South Korea Capped ETF is an	-42.87
Equity	ETF	iShares MSCI Korea UCITS ETF (Dist) is an	-6.80
Equity	ETF	iShares MSCI South Korea Capped ETF is an	-4.30
Equity	OPEN-END FUND	JPMorgan Funds - Korea Equity is an open-end	-1.26

Source: MidLincoln Research

India Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI India ETF is an exchange-traded	17.93
Equity	OPEN-END FUND	Jupiter JGF - India Select is an open-end	8.65
Equity	OPEN-END FUND	HSBC Global Investment Funds - Indian Equity	7.43
Equity	OPEN-END FUND	Kotak Funds - India Midcap Fund is a SICAV	5.19
Equity	OPEN-END FUND	PineBridge Global Funds - PineBridge India	3.93

India Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	Direxion Daily India Bull 3X Shares is an
Equity	OPEN-END FUND	HSBC Global Investment Funds - Indian Equity	-21.06
Equity	OPEN-END FUND	JPMorgan Funds - India Fund is an open-end	-8.63
Equity	OPEN-END FUND	Jupiter JGF - India Select is an open-end	-1.25
Equity	OPEN-END FUND	Natixis International Funds Lux I - IDFC	-1.03

Source: MidLincoln Research

Turkey Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI Turkey ETF is an exchange-traded	1.80
Equity	ETF	iShares MSCI Turkey UCITS ETF is an open-end,	1.63
Equity	ETF	iShares MSCI Turkey UCITS ETF is an open-end,	0.02
Equity	ETF	iShares MSCI Turkey ETF is an exchange-traded	0.00

Turkey Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI Turkey ETF is an exchange-traded	0.00
Equity	ETF	iShares MSCI Turkey UCITS ETF is an open-end,	0.02
Equity	ETF	iShares MSCI Turkey UCITS ETF is an open-end,	1.63
Equity	ETF	iShares MSCI Turkey ETF is an exchange-traded	1.80

Source: MidLincoln Research

Brazil Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	Direxion Daily Brazil Bull 3x Shares is an	0.80
Fixed Income	OPEN-END FUND	Santander FIC FI Renda Fixa I Credito Privado	0.39
Equity	OPEN-END FUND	KB Brazil Securities Feeder Investment	0.37
Fixed Income	OPEN-END FUND	HSBC Global Investment Funds - Brazil Bond	0.19
Equity	OPEN-END FUND	KB Brazil Securities Master Investment	0.18

Brazil Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	ProShares Ultra MSCI Brazil Capped is an
Equity	ETF	iShares MSCI Brazil Capped ETF is an exchange-traded	-99.99
Equity	OPEN-END FUND	HSBC Global Investment Funds - Brazil Equity	-11.66
Equity	OPEN-END FUND	JPMorgan Funds - Brazil Equity is an open-end	-4.83
Equity	OPEN-END FUND	HSBC Global Investment Funds - Brazil Equity	-3.49

Source: MidLincoln Research

Australia Inflows

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assclass	Type	profile	flow USD mln$
Equity	OPEN-END FUND	Australia Equity Income Fund is an open-end	4.84
Equity	OPEN-END FUND	NESTOR Australien Fonds is an open-end investment	0.44
Equity	OPEN-END FUND	NESTOR Australien Fonds is an open-end	0.09
Equity	OPEN-END FUND	Baring International Umbrella - Baring Australia	0.08
Equity	OPEN-END FUND	Mirae Asset Australia Discovery Securities	0.00

Australia Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI Australia - B UCITS ETF is an
Equity	ETF	iShares MSCI Australia ETF is an exchange-traded
Equity	ETF	iShares MSCI Australia ETF is an exchange-traded	-9.24
Equity	ETF	iShares MSCI Australia UCITS ETF is an open-end,	-3.69
Equity	OPEN-END FUND	Baring International Umbrella - Baring	-0.40

Source: MidLincoln Research

Canada Inflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI Canada Small-Cap ETF is an exchange-traded	0.00
Equity	ETF	First Trust Canada AlphaDEX Fund is an exchange-traded	0.00
Equity	ETF	iShares MSCI Canada ETF is an exchange-traded	-1.99
Equity	ETF	iShares MSCI Canada UCITS ETF is an open-ended,	-2.51

Canada Outflows

assclass	Type	profile	flow USD mln$
Equity	ETF	iShares MSCI Canada UCITS ETF is an open-ended,	-2.51
Equity	ETF	iShares MSCI Canada ETF is an exchange-traded	-1.99
Equity	ETF	iShares MSCI Canada Small-Cap ETF is an exchange-traded	0.00
Equity	ETF	First Trust Canada AlphaDEX Fund is an exchange-traded	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

January 6, 2015· Midlincoln Research · midlincoln.com