Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | -14.06 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 913.80 |
| Commodities | PRECIOUS METALS | Commodity | -2720.64 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 1.28 |
| country | AUSTRALIA | Equity | -321.70 |
| country | AUSTRALIA | Fixed Income | -51.47 |
| country | AUSTRALIA | Mixed Allocation | 0.36 |
| country | BRAZIL | Equity | 96.82 |
| country | BRAZIL | Fixed Income | 49.30 |
| country | CHINA | Equity | -1401.22 |
| country | CHINA | Fixed Income | -103.51 |
| Country | EGYPT | Equity | 2.80 |
| country | INDIA | Equity | -195.50 |
| country | INDIA | Fixed Income | -38.43 |
| country | ISRAEL | Equity | -3.78 |
| country | JAPAN | Equity | -155.58 |
| country | JAPAN | Fixed Income | -71.21 |
| country | JAPAN | Mixed Allocation | -3.78 |
| country | KOREA | Equity | -111.02 |
| country | POLAND | Equity | 13.15 |
| country | RUSSIA | Equity | 143.87 |
| country | RUSSIA | Fixed Income | 52.22 |
| country | SOUTH AFRICA | Equity | -43.22 |
| country | SPAIN | Equity | -68.90 |
| Country | TAIWAN | Equity | -217.00 |
| country | TURKEY | Equity | 5.42 |
| country | UNITED KINGDOM | Equity | -387.63 |
| industry | BASIC MATERIALS SECTOR | Equity | 936.27 |
| industry | COMMUNICATIONS SECTOR | Equity | -21.86 |
| industry | ENERGY SECTOR | Equity | -798.55 |
| industry | ENERGY SECTOR | Mixed Allocation | -0.75 |
| industry | FINANCIAL SECTOR | Equity | -103.19 |
| industry | HEALTH CARE SECTOR | Equity | 1804.01 |
| industry | INDUSTRIAL SECTOR | Equity | -307.75 |
| industry | MULTIPLE SECTOR | Equity | -5.71 |
| industry | NATURAL RESOURCES SECTOR | Equity | -146.81 |
| industry | REAL ESTATE SECTOR | Alternative | -0.40 |
| industry | REAL ESTATE SECTOR | Equity | 1553.29 |
| industry | TECHNOLOGY SECTOR | Equity | -644.13 |
| industry | UTILITIES SECTOR | Equity | -799.89 |
| region | AFRICAN REGION | Equity | -8.01 |
| region | AFRICAN REGION | Fixed Income | -1.42 |
| region | ASIAN PACIFIC REGION | Equity | 177.60 |
| region | ASIAN PACIFIC REGION | Fixed Income | 110.76 |
| region | ASIAN PACIFIC REGION | Mixed Allocation | -130.57 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -1621.84 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -319.52 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -133.52 |
| region | EASTERN EUROPEAN REGION | Equity | -313.49 |
| region | EASTERN EUROPEAN REGION | Fixed Income | -15.51 |
| region | EASTERN EUROPEAN REGION | Mixed Allocation | -4.14 |
| region | EUROPEAN REGION | Equity | -4657.25 |
| region | EUROPEAN REGION | Fixed Income | -3528.77 |
| region | EUROPEAN REGION | Mixed Allocation | 9.51 |
| region | LATIN AMERICAN REGION | Equity | -356.11 |
| region | LATIN AMERICAN REGION | Fixed Income | -33.24 |
| region | MIDDLE EAST REGION | Equity | -23.10 |
| region | MIDDLE EAST REGION | Fixed Income | 0.54 |
| region | NORDIC REGION | Equity | -373.87 |
| region | NORTH AMERICAN REGION | Equity | -320.73 |
| region | NORTH AMERICAN REGION | Fixed Income | -166.48 |
| Risk | GOVERNMENT BOND | Alternative | 7.29 |
| Risk | GOVERNMENT BOND | Equity | -0.06 |
| Risk | GOVERNMENT BOND | Fixed Income | 306.23 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 3.64 |
| Risk | INFLATION PROTECTED | Brazil | 7.23 |
| Risk | INFLATION PROTECTED | Fixed Income | 716.45 |
| Risk | INFLATION PROTECTED | Mixed Allocation | 7.29 |
| Risk | LONG SHORT | Alternative | -307.56 |
| Risk | LONG SHORT | Equity | -745.46 |
| Risk | LONG SHORT | Fixed Income | -0.96 |
| Risk | LONG SHORT | Mixed Allocation | -0.58 |
| Sector | AGRICULTURE | Commodity | -36.97 |
| Sector | AGRICULTURE | Equity | 1.00 |
| Sector | CONSUMER DISCRETIONARY | Equity | -854.25 |
| Sector | CONSUMER STAPLES | Equity | -215.80 |
| segment | BRIC | Equity | -25.92 |
| segment | BRIC | Fixed Income | 9.60 |
| segment | DEVELOPED MARKETS | Equity | -1813.60 |
| segment | EMEA | Equity | -11.71 |
| segment | EMEA | Fixed Income | -1.45 |
| segment | EMERGING MARKETS | Equity | 971.52 |
| segment | EMERGING MARKETS | EquityA | -1.43 |
| segment | GCC | Equity | -4.99 |
| segment | GCC | Fixed Income | 0.04 |
| segment | GCC | Mixed Allocation | 2.41 |
| segment | MENA | Equity | -6.29 |
| segment | MENA | Fixed Income | -8.68 |
| Size | LARGE-CAP | Equity | 1289.94 |
| Size | MID-CAP | Commodity | -0.39 |
| Size | MID-CAP | Equity | 1636.06 |
| Size | SMALL-CAP | Equity | -1755.69 |
Source: Midlincoln Research
Fund Aggregates
Chart: Largest Inflows/Outflows By Fund Focus (US$ mn) - Healthcare funds are the Biggest Winners, European Funds are the biggest losers
Source: ML
Download file in Power PointEmerging markets fund flow showed 971.5 USD mn of inflowEmerging markets fund flow showed -1.4 USD mn of outflow.. While Frontier Markets funds showed -0.6 USD mn of outflows.
BRAZIL Equity funds showed 96.8 USD mn of inflow.
BRAZIL Fixed Income funds showed 49.3 USD mn of inflow.
CHINA Equity funds showed -1401.2 USD mn of outflow.
CHINA Fixed Income funds showed -103.5 USD mn of outflow.
INDIA Equity funds showed -195.5 USD mn of outflow.
INDIA Fixed Income funds showed -38.4 USD mn of outflow.
KOREA Equity funds showed -111.0 USD mn of outflow.
RUSSIA Equity funds showed 143.9 USD mn of inflow.
RUSSIA Fixed Income funds showed 52.2 USD mn of inflow.
SOUTH AFRICA Equity funds showed -43.2 USD mn of outflow.
TURKEY Equity funds showed 5.4 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed -21.9 USD mn of outflow.
ENERGY SECTOR Equity funds showed -798.6 USD mn of outflow.
ENERGY SECTOR Mixed Allocation funds showed -0.8 USD mn of outflow.
FINANCIAL SECTOR Equity funds showed -103.2 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -0.4 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 1553.3 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -644.1 USD mn of outflow.
UTILITIES SECTOR Equity funds showed -799.9 USD mn of outflow.
LONG SHORT Alternative funds showed -307.6 USD mn of outflow.
LONG SHORT Equity funds showed -745.5 USD mn of outflow.
LONG SHORT Fixed Income funds showed -1.0 USD mn of outflow.
LONG SHORT Mixed Allocation funds showed -0.6 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 | Market Vectors Russia ETF is an exchange-traded | 99.99 |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | 52.83 |
| Equity | East Capital - Russian Fund is an open-end | 35.47 |
| Equity | East Capital Lux - Russian Fund is an open-end | 24.06 |
| Equity | Swedbank Robur Rysslandsfonden is an open-end | 16.58 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | JPMorgan Russian Securities plc is an investment | -48.06 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -39.14 |
| Equity | HSBC Global Investment Funds - Russia Equity | -25.42 |
| Equity | HSBC Global Investment Funds - Russia Equity | -24.09 |
| Equity | DWS Russia is an open-end investment fund | -9.62 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | BlackRock Global Funds - China Fund is an | 22.68 |
| Equity | China Fund, Inc. is a non-diversified, closed-end | 16.17 |
| Equity | China Fund, Inc. is a non-diversified, | 16.17 |
| Equity | Hang Seng Investment Series - China H-Share | 7.79 |
| Equity | Hang Seng Investment Series - China H-Share | 5.43 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares Asia Trust - iShares FTSE A50 China | -99.99 |
| Equity | Hang Seng Investment Index Funds Series - | -99.99 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -99.99 |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | -81.96 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC MSCI South Africa UCITS ETF is an exchange-traded | -0.18 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.27 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | -0.27 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | -0.37 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.92 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa ETF is an exchange-traded | -17.48 |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | -11.87 |
| Equity | The Lyxor South Africa ETF is a UCITS | -11.87 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.92 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | -0.37 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Fund, Inc. is a non-diversified, closed-end | 10.98 |
| Equity | Korea Fund, Inc. is a non-diversified, | 10.98 |
| Equity | JPMorgan Korea Fund is a unit trust incorporated | 7.33 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | 4.59 |
| Equity | Fidelity Funds - Korea Fund is an open-end | 4.46 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -99.99 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -8.85 |
| Equity | db x-trackers - MSCI Korea TRN Index | -8.63 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -6.19 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -4.98 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | 99.99 |
| Equity | Franklin Templeton Investment Funds - Franklin | 99.99 |
| Equity | Fidelity Funds - Indonesia Fund is a UCITS | 47.48 |
| Equity | GS India Equity Portfolio is a Portfolio | 24.82 |
| Equity | iShares MSCI India ETF is an exchange-traded | 15.24 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | -99.99 |
| Equity | Aberdeen Global - India Equity Fund is a | -72.73 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -70.01 |
| Equity | HSBC Global Investment Funds - Indian Equity | -56.07 |
| Equity | India Fund, Inc. is a non-diversified, closed-end | -44.68 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 9.14 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | 2.64 |
| Equity | -0.01 | |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | -0.08 |
| Equity | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | -0.13 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | -5.74 |
| Equity | The RBS Market Access Dow Jones Turkey Titans | -0.25 |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | -0.15 |
| Equity | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | -0.13 |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | -0.08 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil Capped ETF is an exchange-traded | 99.99 |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | 66.04 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 17.51 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | 0.23 |
| Fixed Income | Planetarium Fund - Queluz Latam Bonds Fund | 0.06 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | Lyxor ETF Brazil (IBOVESPA) EUR is an exchange | -30.88 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -16.47 |
| Fixed Income | Quadris Environmental Forestry Fund PCC | -11.62 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -6.65 |
| Equity | Handelsbanken Funds - Brazil is an open-end | -5.91 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Australia Equity Fund, Inc. is a | 2.93 |
| Equity | Aberdeen Australia Equity Fund, Inc. is | 2.93 |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | 0.36 |
| Equity | iShares MSCI Australia - B UCITS ETF is an | 0.00 |
| Equity | CIMB-Principal Australian Equity Fund is | -0.02 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia ETF is an exchange-traded | -60.65 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -42.97 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -42.87 |
| Equity | Swisscanto AST Avant Aktien Ausland Index | -31.01 |
| Fixed Income | -26.58 |
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