Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 15.54 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -118.71 |
| Commodities | PRECIOUS METALS | Commodity | -102.53 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 1.34 |
| country | AUSTRALIA | Equity | 19.10 |
| country | AUSTRALIA | Fixed Income | 4.03 |
| country | AUSTRALIA | Mixed Allocation | -0.14 |
| country | BRAZIL | Equity | -9.23 |
| country | BRAZIL | Fixed Income | -349.74 |
| country | CHINA | Equity | -99.13 |
| country | CHINA | Fixed Income | -19.41 |
| country | INDIA | Equity | -185.88 |
| country | INDIA | Fixed Income | -4.12 |
| country | ISRAEL | Equity | 0.01 |
| country | JAPAN | Equity | -45759.37 |
| country | JAPAN | Fixed Income | -32.12 |
| country | KOREA | Equity | -9.97 |
| country | POLAND | Equity | 0.62 |
| country | RUSSIA | Equity | 34.81 |
| country | RUSSIA | Fixed Income | -2.29 |
| country | SOUTH AFRICA | Equity | 3.15 |
| country | SPAIN | Equity | 0.98 |
| Country | TAIWAN | Equity | 10.59 |
| country | UNITED KINGDOM | Equity | 15.44 |
| industry | BASIC MATERIALS SECTOR | Equity | 5.53 |
| industry | COMMUNICATIONS SECTOR | Equity | 21.03 |
| industry | ENERGY SECTOR | Equity | 57.19 |
| industry | FINANCIAL SECTOR | Equity | -0.54 |
| industry | HEALTH CARE SECTOR | Equity | 51.11 |
| industry | INDUSTRIAL SECTOR | Equity | -0.57 |
| industry | MULTIPLE SECTOR | Equity | 0.95 |
| industry | NATURAL RESOURCES SECTOR | Equity | -21.89 |
| industry | REAL ESTATE SECTOR | Alternative | -1.69 |
| industry | REAL ESTATE SECTOR | Equity | 73.31 |
| industry | TECHNOLOGY SECTOR | Equity | -0.19 |
| industry | UTILITIES SECTOR | Equity | 180.62 |
| region | AFRICAN REGION | Equity | 29.89 |
| region | ASIAN PACIFIC REGION | Equity | 39.72 |
| region | ASIAN PACIFIC REGION | Fixed Income | -121.54 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 85.72 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -76.81 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -0.21 |
| region | EASTERN EUROPEAN REGION | Equity | -1.71 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 5.41 |
| region | EUROPEAN REGION | Equity | -741.66 |
| region | EUROPEAN REGION | Fixed Income | 1.80 |
| region | EUROPEAN REGION | Mixed Allocation | 0.10 |
| region | LATIN AMERICAN REGION | Equity | 124.46 |
| region | LATIN AMERICAN REGION | Fixed Income | 267.58 |
| region | MIDDLE EAST REGION | Equity | -1.89 |
| region | MIDDLE EAST REGION | Fixed Income | 1.75 |
| region | NORDIC REGION | Equity | -1.23 |
| region | NORTH AMERICAN REGION | Equity | -17.54 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.47 |
| Risk | GOVERNMENT BOND | Fixed Income | 352.55 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 0.07 |
| Risk | INFLATION PROTECTED | Brazil | -0.33 |
| Risk | INFLATION PROTECTED | Fixed Income | 167.52 |
| Risk | LONG SHORT | Alternative | -300.34 |
| Risk | LONG SHORT | Equity | -19210.26 |
| Risk | LONG SHORT | Fixed Income | -0.23 |
| Risk | LONG SHORT | Mixed Allocation | 0.21 |
| Sector | AGRICULTURE | Commodity | 20.49 |
| Sector | AGRICULTURE | Equity | 0.01 |
| Sector | CONSUMER DISCRETIONARY | Equity | -29.39 |
| Sector | CONSUMER STAPLES | Equity | 4.22 |
| segment | BRIC | Equity | -2.66 |
| segment | BRIC | Fixed Income | 0.25 |
| segment | DEVELOPED MARKETS | Equity | -1085.14 |
| segment | EMEA | Equity | -0.25 |
| segment | EMEA | Fixed Income | 1.92 |
| segment | EMERGING MARKETS | Equity | 1084.93 |
| segment | GCC | Equity | 5.88 |
| segment | GCC | Fixed Income | 0.00 |
| segment | GCC | Mixed Allocation | -0.02 |
| segment | MENA | Equity | 0.26 |
| segment | MENA | Fixed Income | -0.45 |
| Size | LARGE-CAP | Equity | -72.32 |
| Size | MID-CAP | Commodity | 0.28 |
| Size | MID-CAP | Equity | 67.93 |
| Size | SMALL-CAP | Equity | 43.15 |
Source: Midlincoln Research
Fund Aggregates
Chart: Funds flow out of developed and into emerging market funds
Source: ML
Emerging markets fund flow showed 1084.9 USD mn of inflow. While Frontier Markets funds showed 0.2 USD mn of inflows.
BRAZIL Equity funds showed -9.2 USD mn of outflow.
BRAZIL Fixed Income funds showed -349.7 USD mn of outflow.
CHINA Equity funds showed -99.1 USD mn of outflow.
CHINA Fixed Income funds showed -19.4 USD mn of outflow.
INDIA Equity funds showed -185.9 USD mn of outflow.
INDIA Fixed Income funds showed -4.1 USD mn of outflow.
KOREA Equity funds showed -10.0 USD mn of outflow.
RUSSIA Equity funds showed 34.8 USD mn of inflow.
RUSSIA Fixed Income funds showed -2.3 USD mn of outflow.
SOUTH AFRICA Equity funds showed 3.1 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed 21.0 USD mn of inflow.
ENERGY SECTOR Equity funds showed 57.2 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -0.5 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -1.7 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 73.3 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -0.2 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 180.6 USD mn of inflow.
LONG SHORT Alternative funds showed -300.3 USD mn of outflow.
LONG SHORT Equity funds showed -19210.3 USD mn of outflow.
LONG SHORT Fixed Income funds showed -0.2 USD mn of outflow.
LONG SHORT Mixed Allocation funds showed 0.2 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 | HSBC Global Investment Funds - Russia Equity | 21.75 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 12.29 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | 11.74 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 7.75 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 6.05 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -17.83 |
| Equity | db x-trackers MSCI Russia Capped Index UCITS | -4.80 |
| Equity | HSBC Global Investment Funds - Russia Equity | -3.34 |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | -2.28 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -0.85 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | W.I.S.E. - CSI 300 China Tracker� is an index-tracking | 21.42 |
| Equity | GAM Star plc - China Equity is a UCITS | 12.17 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | 5.86 |
| Equity | KB China Mainland A Share Leverage Securities | 4.28 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | 3.81 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | -35.24 |
| Equity | HSBC Global Investment Funds - Chinese | -30.97 |
| Equity | HSBC Global Investment Funds - Chinese | -23.59 |
| Equity | HSBC Global Investment Funds - Chinese Equity | -16.87 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -15.43 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | 2.38 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.76 |
| 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 | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.76 |
| Equity | iShares MSCI South Africa UCITS ETF is an | 2.38 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 5.38 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 1.25 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | 0.62 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | -0.08 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.09 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -7.57 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -4.07 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | -1.80 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -1.53 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -0.98 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 60.32 |
| Equity | GS India Equity Portfolio is a Portfolio | 3.70 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 0.49 |
| Equity | Kotak Fund of Funds is an open-end fund | 0.00 |
| Fixed Income | Emerging India Focus Funds - Fixed Income | 0.00 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | -99.99 |
| Equity | Vontobel India Fund is an open-end fund | -38.65 |
| Equity | iShares MSCI India ETF is an exchange-traded | -21.67 |
| Equity | HSBC Global Investment Funds - Indian Equity | -17.93 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | -17.73 |
Source: MidLincoln Research
Turkey Inflows
Turkey Outflows
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | 6.80 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 1.09 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 0.80 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | 0.37 |
| Equity | iShares MSCI Brazil UCITS ETF (Acc) is an | 0.17 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | -99.99 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -13.50 |
| Fixed Income | DWS Brazil Bond Fund is an open-end investment | -2.94 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -2.05 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -1.44 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 26.21 |
| Equity | Australia Equity Income Fund is an open-end | 4.87 |
| Fixed Income | 4.15 | |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 1.28 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | 0.83 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Swisscanto AST Avant Aktien Ausland Index | -8.43 |
| Equity | Baring International Umbrella - Baring Australia | -2.64 |
| Equity | Candriam Equities L - Australia is a SICAV | -2.40 |
| Equity | Candriam Equities L - Australia is a SICAV | -0.96 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | -0.40 |
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