Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 4.05 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -74.56 |
| Commodities | PRECIOUS METALS | Commodity | -373.46 |
| country | AUSTRALIA | Equity | 2.97 |
| country | AUSTRALIA | Mixed Allocation | -0.26 |
| country | BRAZIL | Equity | -0.62 |
| country | BRAZIL | Fixed Income | 85.78 |
| country | CHINA | Equity | -1474.85 |
| country | CHINA | Fixed Income | -3.72 |
| country | INDIA | Equity | -75.37 |
| country | INDIA | Fixed Income | -0.06 |
| country | ISRAEL | Equity | 0.13 |
| country | JAPAN | Equity | -9323.30 |
| country | KOREA | Equity | -92.39 |
| country | POLAND | Equity | -0.12 |
| country | RUSSIA | Equity | -52.10 |
| country | SOUTH AFRICA | Equity | 0.32 |
| Country | TAIWAN | Equity | 3.69 |
| country | UNITED KINGDOM | Equity | -22.82 |
| industry | BASIC MATERIALS SECTOR | Equity | 9.01 |
| industry | COMMUNICATIONS SECTOR | Equity | 17.40 |
| industry | ENERGY SECTOR | Equity | -352.70 |
| industry | FINANCIAL SECTOR | Equity | 6.87 |
| industry | HEALTH CARE SECTOR | Equity | 34.66 |
| industry | NATURAL RESOURCES SECTOR | Equity | -152.94 |
| industry | REAL ESTATE SECTOR | Alternative | -0.34 |
| industry | REAL ESTATE SECTOR | Equity | 102.35 |
| industry | TECHNOLOGY SECTOR | Equity | -12.64 |
| industry | UTILITIES SECTOR | Equity | 17.63 |
| region | AFRICAN REGION | Equity | 0.39 |
| region | ASIAN PACIFIC REGION | Equity | 19.40 |
| region | ASIAN PACIFIC REGION | Fixed Income | 0.05 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -97.83 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -39.72 |
| region | EASTERN EUROPEAN REGION | Equity | 20.36 |
| region | EUROPEAN REGION | Equity | -183.56 |
| region | LATIN AMERICAN REGION | Equity | 24.98 |
| region | LATIN AMERICAN REGION | Fixed Income | -10.42 |
| region | MIDDLE EAST REGION | Equity | -6.75 |
| region | NORTH AMERICAN REGION | Equity | 50.18 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.00 |
| Risk | GOVERNMENT BOND | Fixed Income | 0.16 |
| Risk | INFLATION PROTECTED | Fixed Income | 110.48 |
| Risk | LONG SHORT | Alternative | -122.41 |
| Risk | LONG SHORT | Equity | -1.93 |
| Sector | AGRICULTURE | Commodity | -4.03 |
| Sector | AGRICULTURE | Equity | -0.03 |
| Sector | CONSUMER DISCRETIONARY | Equity | 62.93 |
| Sector | CONSUMER STAPLES | Equity | -32.10 |
| segment | BRIC | Equity | 3.29 |
| segment | DEVELOPED MARKETS | Equity | 7.94 |
| segment | EMEA | Equity | 0.27 |
| segment | EMERGING MARKETS | Equity | -888.29 |
| Size | MID-CAP | Equity | -177.66 |
| Size | SMALL-CAP | Equity | -304.11 |
Source: Midlincoln Research
Fund Aggregates
Chart: Energy Funds Show Most Outflows.
Source: ML
Emerging markets fund flow showed -888.3 USD mn of outflow.. While Frontier Markets funds showed USD mn of inflows.
BRAZIL Equity funds showed -0.6 USD mn of outflow.
BRAZIL Fixed Income funds showed 85.8 USD mn of inflow.
CHINA Equity funds showed -1474.9 USD mn of outflow.
CHINA Fixed Income funds showed -3.7 USD mn of outflow.
INDIA Equity funds showed -75.4 USD mn of outflow.
INDIA Fixed Income funds showed -0.1 USD mn of outflow.
KOREA Equity funds showed -92.4 USD mn of outflow.
RUSSIA Equity funds showed -52.1 USD mn of outflow.
SOUTH AFRICA Equity funds showed 0.3 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed 17.4 USD mn of inflow.
ENERGY SECTOR Equity funds showed -352.7 USD mn of outflow.
FINANCIAL SECTOR Equity funds showed 6.9 USD mn of inflow.
REAL ESTATE SECTOR Alternative funds showed -0.3 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 102.3 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -12.6 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 17.6 USD mn of inflow.
LONG SHORT Alternative funds showed -122.4 USD mn of outflow.
LONG SHORT Equity funds showed -1.9 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 | profile | flow USD mln$ |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -1.22 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -1.33 |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -2.59 |
| Equity | Market Vectors Russia ETF is an exchange-traded | -46.97 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -46.97 |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -2.59 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -1.33 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -1.22 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley China A Share Fund is a non-diversified, | 67.18 |
| Fixed Income | GaveKal China Fixed Income UCITS Fund is | 1.23 |
| Fixed Income | Flexifund - Bond RMB is an open-end fund short | 0.21 |
| Equity | Morgan Stanley China A Share Fund is a | 0.01 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | -4.57 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | First State Global Umbrella PLC - China | -22.54 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | -5.16 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | -4.57 |
| Equity | Morgan Stanley China A Share Fund is a | 0.01 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | 0.32 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | 0.32 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 4.78 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.06 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 0.01 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.10 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -0.10 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -95.53 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -0.56 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -0.55 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -0.38 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.10 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 56.39 |
| Fixed Income | Kotak Funds - India Fixed Income Fund is | -0.06 |
| Equity | iPath MSCI India Index ETN is an exchange-traded | -2.26 |
| Equity | Morgan Stanley India Investment Fund, Inc. | -2.39 |
| Equity | Aberdeen Global - India Equity Fund is | -5.15 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI India ETF is an exchange-traded | -55.69 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | -39.79 |
| Equity | GS India Equity Portfolio is a Portfolio | -15.43 |
| Equity | iShares India 50 ETF is an exchange-traded | -11.07 |
| Equity | Aberdeen Global - India Equity Fund is | -5.15 |
Source: MidLincoln Research
Turkey Inflows
Turkey Outflows
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 95.35 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | 5.02 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 0.81 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | 0.57 |
| Fixed Income | Santander Sicav - Santander Brazilian Short short | -0.03 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | -5.91 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -3.76 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -3.23 |
| Fixed Income | DWS Brazil Bond Fund is an open-end investment | -2.08 |
| Fixed Income | UBS (Lux) Bond Sicav - Brazil is an open-end | -1.55 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 2.97 |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | -0.26 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | -0.26 |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 2.97 |
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