Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | -39.34 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -62.12 |
| Commodities | PRECIOUS METALS | Commodity | -865.18 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 1.51 |
| country | AUSTRALIA | Equity | 7.94 |
| country | AUSTRALIA | Fixed Income | 13.30 |
| country | AUSTRALIA | Mixed Allocation | -0.48 |
| country | BRAZIL | Equity | -11.65 |
| country | BRAZIL | Fixed Income | 525.85 |
| country | CHINA | Equity | -3849.49 |
| country | CHINA | Fixed Income | -16.75 |
| country | INDIA | Equity | -203.06 |
| country | INDIA | Fixed Income | -6.88 |
| country | ISRAEL | Equity | 0.16 |
| country | JAPAN | Equity | 26775.79 |
| country | JAPAN | Fixed Income | -5.51 |
| country | KOREA | Equity | -45.93 |
| country | POLAND | Equity | 2.77 |
| country | RUSSIA | Equity | -39.92 |
| country | RUSSIA | Fixed Income | 0.01 |
| country | SOUTH AFRICA | Equity | -2.78 |
| country | SPAIN | Equity | 41.70 |
| Country | TAIWAN | Equity | -20.92 |
| country | TURKEY | Equity | -17.25 |
| country | UNITED KINGDOM | Equity | -123.89 |
| industry | BASIC MATERIALS SECTOR | Equity | 5.14 |
| industry | COMMUNICATIONS SECTOR | Equity | 49.40 |
| industry | ENERGY SECTOR | Equity | 79.35 |
| industry | FINANCIAL SECTOR | Equity | 7.71 |
| industry | HEALTH CARE SECTOR | Equity | 7.65 |
| industry | INDUSTRIAL SECTOR | Equity | -0.10 |
| industry | MULTIPLE SECTOR | Equity | 0.52 |
| industry | NATURAL RESOURCES SECTOR | Equity | -69.30 |
| industry | REAL ESTATE SECTOR | Alternative | -0.26 |
| industry | REAL ESTATE SECTOR | Equity | -338.23 |
| industry | TECHNOLOGY SECTOR | Equity | -11.75 |
| industry | UTILITIES SECTOR | Equity | -492.52 |
| region | AFRICAN REGION | Equity | 2.13 |
| region | AFRICAN REGION | Fixed Income | 6.02 |
| region | ASIAN PACIFIC REGION | Equity | -1.57 |
| region | ASIAN PACIFIC REGION | Fixed Income | 125.90 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -345.35 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -153.69 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -0.27 |
| region | EASTERN EUROPEAN REGION | Equity | 3.56 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 8.47 |
| region | EUROPEAN REGION | Equity | -432.49 |
| region | EUROPEAN REGION | Fixed Income | -0.32 |
| region | EUROPEAN REGION | Mixed Allocation | 0.26 |
| region | LATIN AMERICAN REGION | Equity | 288.87 |
| region | LATIN AMERICAN REGION | Fixed Income | 103.07 |
| region | MIDDLE EAST REGION | Equity | 0.13 |
| region | MIDDLE EAST REGION | Fixed Income | -0.95 |
| region | NORDIC REGION | Equity | 1.09 |
| region | NORTH AMERICAN REGION | Equity | -3.81 |
| region | NORTH AMERICAN REGION | Fixed Income | -0.11 |
| Risk | GOVERNMENT BOND | Fixed Income | 385.08 |
| Risk | GOVERNMENT BOND | Mixed Allocation | -4.57 |
| Risk | INFLATION PROTECTED | Brazil | -0.79 |
| Risk | INFLATION PROTECTED | Fixed Income | 623.23 |
| Risk | LONG SHORT | Alternative | -99.54 |
| Risk | LONG SHORT | Equity | 5969.58 |
| Risk | LONG SHORT | Fixed Income | 12.92 |
| Risk | LONG SHORT | Mixed Allocation | -0.02 |
| Sector | AGRICULTURE | Commodity | -15.42 |
| Sector | AGRICULTURE | Equity | 0.00 |
| Sector | CONSUMER DISCRETIONARY | Equity | 44.17 |
| Sector | CONSUMER STAPLES | Equity | -21.71 |
| segment | BRIC | Equity | -14.31 |
| segment | BRIC | Fixed Income | 0.05 |
| segment | DEVELOPED MARKETS | Equity | 147.14 |
| segment | EMEA | Equity | 5.06 |
| segment | EMEA | Fixed Income | 2.97 |
| segment | EMERGING MARKETS | Equity | -198.56 |
| segment | GCC | Equity | -0.34 |
| segment | GCC | Fixed Income | 0.00 |
| segment | GCC | Mixed Allocation | -0.01 |
| segment | MENA | Equity | -0.09 |
| segment | MENA | Fixed Income | 3.25 |
| Size | LARGE-CAP | Equity | 5209.39 |
| Size | MID-CAP | Commodity | -0.14 |
| Size | MID-CAP | Equity | 519.10 |
| Size | SMALL-CAP | Equity | 128.77 |
Source: Midlincoln Research
Fund Aggregates
Chart: GEM Fund Flows Show Outflows - Ahead of the FED meet
Source: ML
Emerging markets fund flow showed -198.6 USD mn of outflow.. While Frontier Markets funds showed 0.0 USD mn of inflows.
BRAZIL Equity funds showed -11.6 USD mn of outflow.
BRAZIL Fixed Income funds showed 525.9 USD mn of inflow.
CHINA Equity funds showed -3849.5 USD mn of outflow.
CHINA Fixed Income funds showed -16.8 USD mn of outflow.
INDIA Equity funds showed -203.1 USD mn of outflow.
INDIA Fixed Income funds showed -6.9 USD mn of outflow.
KOREA Equity funds showed -45.9 USD mn of outflow.
RUSSIA Equity funds showed -39.9 USD mn of outflow.
RUSSIA Fixed Income funds showed 0.0 USD mn of inflow.
SOUTH AFRICA Equity funds showed -2.8 USD mn of outflow.
TURKEY Equity funds showed -17.2 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 49.4 USD mn of inflow.
ENERGY SECTOR Equity funds showed 79.3 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed 7.7 USD mn of inflow.
REAL ESTATE SECTOR Alternative funds showed -0.3 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed -338.2 USD mn of outflow.
TECHNOLOGY SECTOR Equity funds showed -11.7 USD mn of outflow.
UTILITIES SECTOR Equity funds showed -492.5 USD mn of outflow.
LONG SHORT Alternative funds showed -99.5 USD mn of outflow.
LONG SHORT Equity funds showed 5969.6 USD mn of inflow.
LONG SHORT Fixed Income funds showed 12.9 USD mn of inflow.
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 | HSBC Global Investment Funds - Russia Equity | 18.99 |
| Equity | DWS Russia is an open-end investment fund | 6.61 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 6.06 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | 3.21 |
| Equity | Swedbank Robur Rysslandsfonden is an open-end | 0.69 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -24.41 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -18.49 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | -11.46 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | -8.94 |
| Equity | db x-trackers MSCI Russia Capped Index UCITS | -4.10 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley China A Share Fund is a non-diversified, | 76.53 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | 24.06 |
| Equity | GAM Star plc - China Equity is a UCITS | 13.43 |
| Equity | W.I.S.E. - CSI 300 China Tracker� is an index-tracking | 11.03 |
| Equity | K China Equity Fund is an open-ended fund | 5.84 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | -99.99 |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | -50.90 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -46.11 |
| Equity | HSBC Global Investment Funds - Chinese Equity | -31.94 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.62 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -3.40 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -3.40 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.62 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 6.93 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | 1.22 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 0.67 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 0.43 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.09 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -19.80 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -15.16 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -15.01 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -4.89 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.34 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 67.49 |
| Equity | GS India Equity Portfolio is a Portfolio | 19.16 |
| Equity | Aberdeen Global - India Equity Fund is | 5.79 |
| Equity | K India Equity Fund is an open-end fund | 2.96 |
| Fixed Income | K India Income Fund Segregated Portfolio | 0.88 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Vontobel India Fund is an open-end fund | -71.19 |
| Equity | Aberdeen Global - India Equity Fund is | -66.43 |
| Equity | iShares MSCI India ETF is an exchange-traded | -41.78 |
| Equity | HSBC Global Investment Funds - Indian Equity | -40.56 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -27.19 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -4.68 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -12.57 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -12.57 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -4.68 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 99.99 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 4.29 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 1.20 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 0.75 |
| Fixed Income | DWS Brazil Bond Fund is an open-end investment | 0.02 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -5.86 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -5.54 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -3.27 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -3.01 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | -2.55 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 20.66 |
| Fixed Income | 13.42 | |
| Equity | Australia Equity Income Fund is an open-end | 9.39 |
| Equity | SmartOZZY is an investment fund incorporated | 1.25 |
| Equity | Candriam Equities L - Australia is a SICAV | 1.20 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | -13.46 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | -5.15 |
| Equity | Candriam Equities L - Australia is a SICAV | -4.94 |
| Equity | Baring International Umbrella - Baring Australia | -1.69 |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | -0.48 |
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