Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 74.48 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -29.01 |
| Commodities | PRECIOUS METALS | Commodity | -2999.93 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 6.44 |
| country | AUSTRALIA | Equity | -11.51 |
| country | AUSTRALIA | Fixed Income | -44.93 |
| country | AUSTRALIA | Mixed Allocation | -0.07 |
| country | BRAZIL | Equity | -39.80 |
| country | BRAZIL | Fixed Income | 34.23 |
| country | CHINA | Equity | -501.51 |
| country | CHINA | Fixed Income | -65.48 |
| Country | EGYPT | Equity | 2.90 |
| country | INDIA | Equity | -239.14 |
| country | INDIA | Fixed Income | -29.63 |
| country | ISRAEL | Equity | -2.56 |
| country | JAPAN | Equity | 100.36 |
| country | JAPAN | Fixed Income | 199.56 |
| country | KOREA | Equity | -116.10 |
| country | POLAND | Equity | -24.18 |
| country | RUSSIA | Equity | 426.43 |
| country | RUSSIA | Fixed Income | -7.67 |
| country | SOUTH AFRICA | Equity | -15.29 |
| country | SPAIN | Equity | -41.76 |
| Country | TAIWAN | Equity | -119.26 |
| country | TURKEY | Equity | -16.87 |
| country | UNITED KINGDOM | Equity | -248.63 |
| industry | BASIC MATERIALS SECTOR | Equity | 26.13 |
| industry | COMMUNICATIONS SECTOR | Equity | -60.64 |
| industry | ENERGY SECTOR | Equity | 60.30 |
| industry | FINANCIAL SECTOR | Equity | 35.62 |
| industry | HEALTH CARE SECTOR | Equity | -22.46 |
| industry | INDUSTRIAL SECTOR | Equity | 3.09 |
| industry | MULTIPLE SECTOR | Equity | -1.91 |
| industry | NATURAL RESOURCES SECTOR | Equity | -161.30 |
| industry | REAL ESTATE SECTOR | Alternative | 5.08 |
| industry | REAL ESTATE SECTOR | Equity | -33.60 |
| industry | TECHNOLOGY SECTOR | Equity | 59.49 |
| industry | UTILITIES SECTOR | Equity | -881.43 |
| region | AFRICAN REGION | Equity | -2.87 |
| region | AFRICAN REGION | Fixed Income | 0.00 |
| region | ASIAN PACIFIC REGION | Equity | -76.24 |
| region | ASIAN PACIFIC REGION | Fixed Income | -248.35 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -951.16 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -39.89 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -53.96 |
| region | EASTERN EUROPEAN REGION | Equity | 15.32 |
| region | EASTERN EUROPEAN REGION | Fixed Income | -4.49 |
| region | EUROPEAN REGION | Equity | -1545.85 |
| region | EUROPEAN REGION | Fixed Income | -39.16 |
| region | EUROPEAN REGION | Mixed Allocation | -0.95 |
| region | LATIN AMERICAN REGION | Equity | -128.74 |
| region | LATIN AMERICAN REGION | Fixed Income | -30.62 |
| region | MIDDLE EAST REGION | Equity | -9.14 |
| region | MIDDLE EAST REGION | Fixed Income | 0.18 |
| region | NORDIC REGION | Equity | -27.79 |
| region | NORTH AMERICAN REGION | Equity | 327.51 |
| region | NORTH AMERICAN REGION | Fixed Income | -7.05 |
| Risk | GOVERNMENT BOND | Fixed Income | 1149.84 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 1.56 |
| Risk | INFLATION PROTECTED | Brazil | 1.43 |
| Risk | INFLATION PROTECTED | Fixed Income | 297.12 |
| Risk | LONG SHORT | Alternative | -200.34 |
| Risk | LONG SHORT | Equity | -409.72 |
| Risk | LONG SHORT | Fixed Income | 3.17 |
| Risk | LONG SHORT | Mixed Allocation | 0.42 |
| Sector | AGRICULTURE | Commodity | -47.02 |
| Sector | AGRICULTURE | Equity | 0.00 |
| Sector | CONSUMER DISCRETIONARY | Equity | 254.14 |
| Sector | CONSUMER STAPLES | Equity | -899.05 |
| segment | BRIC | Equity | -14.64 |
| segment | BRIC | Fixed Income | 10.62 |
| segment | DEVELOPED MARKETS | Equity | -239.81 |
| segment | EMEA | Equity | -3.22 |
| segment | EMEA | Fixed Income | 0.72 |
| segment | EMERGING MARKETS | Equity | -572.65 |
| segment | EMERGING MARKETS | EquityA | -0.66 |
| segment | GCC | Equity | -2.87 |
| segment | GCC | Fixed Income | -0.20 |
| segment | GCC | Mixed Allocation | 3.21 |
| segment | MENA | Equity | -4.13 |
| segment | MENA | Fixed Income | -3.46 |
| Size | LARGE-CAP | Equity | -9789.70 |
| Size | MID-CAP | Commodity | -1.86 |
| Size | MID-CAP | Equity | 2642.00 |
| Size | SMALL-CAP | Equity | 893.85 |
Source: Midlincoln Research
Fund Aggregates
Chart: Distribution of Active Managers Beating Their Benchmark - within statistics. Just 1/3 of them are beating their benchmark.
Source: ML, BI
Emerging markets fund flow showed -572.6 USD mn of outflow.Emerging markets fund flow showed -0.7 USD mn of outflow.. While Frontier Markets funds showed -0.5 USD mn of outflows.
BRAZIL Equity funds showed -39.8 USD mn of outflow.
BRAZIL Fixed Income funds showed 34.2 USD mn of inflow.
CHINA Equity funds showed -501.5 USD mn of outflow.
CHINA Fixed Income funds showed -65.5 USD mn of outflow.
INDIA Equity funds showed -239.1 USD mn of outflow.
INDIA Fixed Income funds showed -29.6 USD mn of outflow.
KOREA Equity funds showed -116.1 USD mn of outflow.
RUSSIA Equity funds showed 426.4 USD mn of inflow.
RUSSIA Fixed Income funds showed -7.7 USD mn of outflow.
SOUTH AFRICA Equity funds showed -15.3 USD mn of outflow.
TURKEY Equity funds showed -16.9 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed -60.6 USD mn of outflow.
ENERGY SECTOR Equity funds showed 60.3 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed 35.6 USD mn of inflow.
REAL ESTATE SECTOR Alternative funds showed 5.1 USD mn of inflow.
REAL ESTATE SECTOR Equity funds showed -33.6 USD mn of outflow.
TECHNOLOGY SECTOR Equity funds showed 59.5 USD mn of inflow.
UTILITIES SECTOR Equity funds showed -881.4 USD mn of outflow.
LONG SHORT Alternative funds showed -200.3 USD mn of outflow.
LONG SHORT Equity funds showed -409.7 USD mn of outflow.
LONG SHORT Fixed Income funds showed 3.2 USD mn of inflow.
LONG SHORT Mixed Allocation funds showed 0.4 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 | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 99.99 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 99.99 |
| Equity | Market Vectors Russia ETF is an exchange-traded | 84.07 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | 17.90 |
| Equity | HSBC Global Investment Funds - Russia Equity | 14.80 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -10.96 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | -2.92 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | -2.91 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | -2.19 |
| Equity | HSBC Global Investment Funds - Russia Equity | -2.14 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | 99.99 |
| Equity | iShares Asia Trust - iShares FTSE A50 China | 99.99 |
| Equity | K China Equity Fund is an open-ended fund | 3.64 |
| Equity | BOCIP China Value Fund is an open-end fund | 0.36 |
| Equity | HSBC China Dragon Fund is a closed-end fund | 0.10 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -76.93 |
| Equity | HSBC Global Investment Funds - Chinese Equity | -62.88 |
| Equity | LYXOR UCITS ETF CHINA ENTERPRISE HSCEI-C-USD | -51.01 |
| Equity | GAM Star plc - China Equity is a UCITS | -37.45 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.06 |
| Equity | HSBC MSCI South Africa UCITS ETF is an exchange-traded | -0.07 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.38 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | -0.38 |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | -0.96 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa ETF is an exchange-traded | -12.48 |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | -0.96 |
| Equity | The Lyxor South Africa ETF is a UCITS | -0.96 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.38 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | -0.38 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Baring Korea Feeder Fund is an open-end | 0.58 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.06 |
| Equity | Value Korea ETF is an exchange-traded fund | 0.01 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | -0.03 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | -0.03 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -58.07 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -23.65 |
| Equity | db x-trackers - MSCI Korea TRN Index | -10.90 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -8.95 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -5.93 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | 64.90 |
| Equity | HSBC Global Investment Funds - Indian Equity | 20.98 |
| Fixed Income | UTI Indian Fixed Income Fund PLC is an | 10.17 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 3.55 |
| Equity | K India Equity Fund is an open-end fund | 1.22 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -92.54 |
| Equity | iShares MSCI India Index ETF is an exchange-traded | -61.57 |
| Equity | Aberdeen Global - India Equity Fund is | -39.30 |
| Equity | Aberdeen Global - India Equity Fund is a | -39.17 |
| Fixed Income | K Debt Opportunities Fund Ltd is an open-end | -27.16 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 1.69 |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | -0.21 |
| Equity | -0.33 | |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -1.83 |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | -16.19 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | -16.19 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -1.83 |
| Equity | -0.33 | |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | -0.21 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 1.69 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | 47.73 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 9.85 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 9.75 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | 6.23 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | 0.30 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -49.54 |
| Equity | Lyxor ETF Brazil (IBOVESPA) EUR is an exchange | -7.82 |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | -5.63 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | -5.42 |
| Equity | iShares MSCI Brazil Capped ETF is an exchange-traded | -2.86 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 31.29 |
| Equity | Lyxor ETF Australia (S&P ASX 200)-A is an | 4.00 |
| Equity | The UBS (Irl) ETF Plc - MSCI Australia UCITS | 3.52 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 2.88 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | 1.81 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | -45.74 | |
| Equity | Swisscanto AST Avant Aktien Ausland Index | -19.11 |
| Equity | Australia Equity Income Fund is an open-end | -13.02 |
| Equity | iShares MSCI Australia ETF is an exchange-traded | -10.77 |
| Equity | Candriam Equities L - Australia is a SICAV | -6.28 |
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