Source: ML, Seekingalpha

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Chart: Utilites receive biggest inflow last week. Which supports our yesterday argument: Utilities are well known dividend plays competing with bonds. While DM utilities stocks have done excellent as hunt for the yield spilled over into equities, emerging market utilities are trading below zilch, implying that the Debt to Equity spillover is lagging in GEMs, and that's understandable, given GEM bonds yields are quite chunky especially for less risky investors. But it is likely that GEMs will follow DMs in the pattern. GEM utilities will be the first to react. Source: ML, Seekingalpha Emerging markets fund flow showed 1072.2 USD mn of inflow. While Frontier Markets funds showed 0.0 USD mn of inflows. BRAZIL Equity funds showed 3.4 USD mn of inflow. BRAZIL Fixed Income funds showed -1402.7 USD mn of outflow. CHINA Equity funds showed -304.8 USD mn of outflow. CHINA Fixed Income funds showed 15.7 USD mn of inflow. INDIA Equity funds showed 184.4 USD mn of inflow. INDIA Fixed Income funds showed -2.8 USD mn of outflow. KOREA Equity funds showed -80.7 USD mn of outflow. RUSSIA Equity funds showed -22.8 USD mn of outflow. RUSSIA Fixed Income funds showed 1.8 USD mn of inflow. SOUTH AFRICA Equity funds showed 2.4 USD mn of inflow. TURKEY Equity funds showed 1.2 USD mn of inflow. COMMUNICATIONS SECTOR Equity funds showed 46.4 USD mn of inflow. ENERGY SECTOR Equity funds showed 105.7 USD mn of inflow. FINANCIAL SECTOR Equity funds showed -0.2 USD mn of outflow. REAL ESTATE SECTOR Alternative funds showed -0.9 USD mn of outflow. REAL ESTATE SECTOR Equity funds showed 78.8 USD mn of inflow. TECHNOLOGY SECTOR Equity funds showed -11.7 USD mn of outflow. UTILITIES SECTOR Equity funds showed 199.4 USD mn of inflow. LONG SHORT Alternative funds showed -155.3 USD mn of outflow. LONG SHORT Equity funds showed 541.2 USD mn of inflow. LONG SHORT Fixed Income funds showed 5.0 USD mn of inflow. LONG SHORT Mixed Allocation funds showed 0.0 USD mn of inflow.