Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | -25.13 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 2056.47 |
| Commodities | PRECIOUS METALS | Commodity | -437.02 |
| Commodities | PRECIOUS METALS | Mixed Allocation | -44.98 |
| country | AUSTRALIA | Equity | -154.24 |
| country | AUSTRALIA | Fixed Income | -83.43 |
| country | AUSTRALIA | Mixed Allocation | -0.76 |
| country | BRAZIL | Equity | 81.92 |
| country | BRAZIL | Fixed Income | -293.34 |
| country | CHINA | Equity | 989.42 |
| country | CHINA | Fixed Income | -8.78 |
| Country | EGYPT | Equity | 0.14 |
| country | INDIA | Equity | 512.19 |
| country | INDIA | Fixed Income | -41.09 |
| country | ISRAEL | Equity | -3.13 |
| country | JAPAN | Equity | -994.21 |
| country | JAPAN | Fixed Income | -187.70 |
| country | JAPAN | Mixed Allocation | 9.70 |
| country | KOREA | Equity | 133.60 |
| country | POLAND | Equity | 2.20 |
| country | RUSSIA | Equity | -470.20 |
| country | RUSSIA | Fixed Income | -80.58 |
| country | SOUTH AFRICA | Equity | -33.98 |
| country | SPAIN | Equity | -142.57 |
| Country | TAIWAN | Equity | 53.56 |
| country | TURKEY | Equity | 14.90 |
| country | UNITED KINGDOM | Equity | -322.67 |
| industry | BASIC MATERIALS SECTOR | Equity | 1286.33 |
| industry | COMMUNICATIONS SECTOR | Equity | -386.02 |
| industry | ENERGY SECTOR | Equity | -884.61 |
| industry | ENERGY SECTOR | Mixed Allocation | -0.82 |
| industry | FINANCIAL SECTOR | Equity | -959.34 |
| industry | HEALTH CARE SECTOR | Equity | 5118.68 |
| industry | INDUSTRIAL SECTOR | Equity | -704.35 |
| industry | MULTIPLE SECTOR | Equity | -5.33 |
| industry | NATURAL RESOURCES SECTOR | Equity | 10.01 |
| industry | REAL ESTATE SECTOR | Alternative | -0.13 |
| industry | REAL ESTATE SECTOR | Equity | -1034.85 |
| industry | TECHNOLOGY SECTOR | Equity | 704.77 |
| industry | UTILITIES SECTOR | Equity | -1056.07 |
| region | AFRICAN REGION | Equity | 3.26 |
| region | AFRICAN REGION | Fixed Income | 0.16 |
| region | ASIAN PACIFIC REGION | Equity | 754.63 |
| region | ASIAN PACIFIC REGION | Fixed Income | 190.49 |
| region | ASIAN PACIFIC REGION | Mixed Allocation | 231.06 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 27.81 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | 574.46 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -334.89 |
| region | EASTERN EUROPEAN REGION | Equity | -356.72 |
| region | EASTERN EUROPEAN REGION | Fixed Income | -32.69 |
| region | EASTERN EUROPEAN REGION | Mixed Allocation | 2.06 |
| region | EUROPEAN REGION | Equity | -3610.21 |
| region | EUROPEAN REGION | Fixed Income | -1363.42 |
| region | EUROPEAN REGION | Mixed Allocation | -14.51 |
| region | LATIN AMERICAN REGION | Equity | 274.32 |
| region | LATIN AMERICAN REGION | Fixed Income | -179.26 |
| region | MIDDLE EAST REGION | Equity | -29.45 |
| region | MIDDLE EAST REGION | Fixed Income | 2.21 |
| region | NORDIC REGION | Equity | -562.00 |
| region | NORTH AMERICAN REGION | Equity | -498.46 |
| region | NORTH AMERICAN REGION | Fixed Income | -151.17 |
| Risk | GOVERNMENT BOND | Alternative | 11.04 |
| Risk | GOVERNMENT BOND | Equity | -0.13 |
| Risk | GOVERNMENT BOND | Fixed Income | -34.93 |
| Risk | GOVERNMENT BOND | Mixed Allocation | -8.37 |
| Risk | INFLATION PROTECTED | Brazil | -21.69 |
| Risk | INFLATION PROTECTED | Fixed Income | -401.48 |
| Risk | INFLATION PROTECTED | Mixed Allocation | -8.06 |
| Risk | LONG SHORT | Alternative | 282.10 |
| Risk | LONG SHORT | Equity | -174.83 |
| Risk | LONG SHORT | Fixed Income | -41.55 |
| Risk | LONG SHORT | Mixed Allocation | -1.43 |
| Sector | AGRICULTURE | Commodity | -12.95 |
| Sector | AGRICULTURE | Equity | -0.01 |
| Sector | CONSUMER DISCRETIONARY | Equity | 232.70 |
| Sector | CONSUMER STAPLES | Equity | -742.27 |
| segment | BRIC | Equity | 208.51 |
| segment | BRIC | Fixed Income | -129.68 |
| segment | DEVELOPED MARKETS | Equity | -491.42 |
| segment | EMEA | Equity | -10.43 |
| segment | EMEA | Fixed Income | -10.50 |
| segment | EMERGING MARKETS | Equity | 1315.54 |
| segment | GCC | Equity | 11.46 |
| segment | GCC | Fixed Income | 0.09 |
| segment | GCC | Mixed Allocation | -10.42 |
| segment | MENA | Equity | -7.63 |
| segment | MENA | Fixed Income | -9.90 |
| Size | LARGE-CAP | Equity | -13029.98 |
| Size | MID-CAP | Commodity | 1.87 |
| Size | MID-CAP | Equity | -2958.26 |
| Size | SMALL-CAP | Equity | -7680.18 |
Source: Midlincoln Research
Fund Aggregates
Chart: GEM Total Inflows Last Month
Source: ML
Download file in Power PointEmerging markets fund flow showed 1315.5 USD mn of inflow. While Frontier Markets funds showed 2.3 USD mn of inflows.
BRAZIL Equity funds showed 81.9 USD mn of inflow.
BRAZIL Fixed Income funds showed -293.3 USD mn of outflow.
CHINA Equity funds showed 989.4 USD mn of inflow.
CHINA Fixed Income funds showed -8.8 USD mn of outflow.
INDIA Equity funds showed 512.2 USD mn of inflow.
INDIA Fixed Income funds showed -41.1 USD mn of outflow.
KOREA Equity funds showed 133.6 USD mn of inflow.
RUSSIA Equity funds showed -470.2 USD mn of outflow.
RUSSIA Fixed Income funds showed -80.6 USD mn of outflow.
SOUTH AFRICA Equity funds showed -34.0 USD mn of outflow.
TURKEY Equity funds showed 14.9 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed -386.0 USD mn of outflow.
ENERGY SECTOR Equity funds showed -884.6 USD mn of outflow.
ENERGY SECTOR Mixed Allocation funds showed -0.8 USD mn of outflow.
FINANCIAL SECTOR Equity funds showed -959.3 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -0.1 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed -1034.9 USD mn of outflow.
TECHNOLOGY SECTOR Equity funds showed 704.8 USD mn of inflow.
UTILITIES SECTOR Equity funds showed -1056.1 USD mn of outflow.
LONG SHORT Alternative funds showed 282.1 USD mn of inflow.
LONG SHORT Equity funds showed -174.8 USD mn of outflow.
LONG SHORT Fixed Income funds showed -41.5 USD mn of outflow.
LONG SHORT Mixed Allocation funds showed -1.4 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 | Direxion Daily Russia Bull 3x Shares is an | 11.87 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 11.76 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 1.92 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | 0.00 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | 0.00 |
Russia Outflows
| 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" | -79.15 |
| Equity | Swedbank Robur Rysslandsfonden is an open-end | -63.91 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -53.76 |
| Equity | East Capital - Russian Fund is an open-end | -46.98 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | 99.99 |
| Equity | BlackRock Global Funds - China Fund is | 99.99 |
| Equity | BlackRock Global Funds - China Fund is | 99.99 |
| Equity | BlackRock Global Funds - China Fund is | 99.99 |
| Equity | BlackRock Global Funds - China Fund is an | 99.99 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | -60.06 |
| Equity | HSBC Global Investment Funds - Chinese Equity | -47.86 |
| Equity | LYXOR UCITS ETF CHINA ENTERPRISE HSCEI-C-USD | -18.82 |
| Equity | AMP Capital China Growth Fund is an investment | -18.36 |
| Equity | GAM Star plc - China Equity is a UCITS | -16.75 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC MSCI South Africa UCITS ETF is an exchange-traded | -0.01 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | -0.41 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.42 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | -0.42 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -2.65 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa ETF is an exchange-traded | -19.49 |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | -5.30 |
| Equity | The Lyxor South Africa ETF is a UCITS | -5.30 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -2.65 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.42 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | 74.99 |
| Equity | Matthews Korea Fund is an open-end fund | 14.88 |
| Equity | Korea Fund, Inc. is a non-diversified, closed-end | 12.37 |
| Equity | Korea Fund, Inc. is a non-diversified, | 12.37 |
| Equity | JPMorgan Korea Fund is a unit trust incorporated | 10.59 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -5.01 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -3.06 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -1.23 |
| Equity | iShares MSCI Korea UCITS ETF (Acc) is an | -1.11 |
| Equity | db x-trackers - MSCI Korea TRN Index | -0.88 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | PowerShares India Portfolio is an exchange-traded | 99.99 |
| Equity | Aberdeen Global - India Equity Fund is | 99.99 |
| 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 | 44.07 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Indian Equity | -75.13 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -63.88 |
| Fixed Income | K Debt Opportunities Fund Ltd is an open-end | -30.12 |
| Equity | Aberdeen Global - India Equity Fund is a | -24.75 |
| Equity | India Fund, Inc. is a non-diversified, closed-end | -22.18 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 14.30 |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | 6.44 |
| Equity | 0.59 | |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.50 |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | -0.09 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -6.43 |
| Equity | The RBS Market Access Dow Jones Turkey Titans | -0.27 |
| Equity | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | -0.15 |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | -0.09 |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.50 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil Capped ETF is an exchange-traded | 83.01 |
| Equity | Handelsbanken Funds - Brazil is an open-end | 14.55 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | 13.30 |
| Equity | BNY Mellon Global Funds PLC - Brazil Equity | 9.96 |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 9.62 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | -99.99 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | -17.82 |
| Equity | Lyxor ETF Brazil (IBOVESPA) EUR is an exchange | -16.81 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | -4.10 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -2.39 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 71.00 |
| Equity | Aberdeen Australia Equity Fund, Inc. is a | 5.09 |
| Equity | Aberdeen Australia Equity Fund, Inc. is | 5.09 |
| Equity | WisdomTree Australia Dividend Fund is an | 0.44 |
| Equity | CIMB-Principal Australian Equity Fund is | 0.10 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | -57.42 | |
| Equity | Swisscanto AST Avant Aktien Ausland Index | -40.28 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -28.09 |
| Equity | Australia Equity Income Fund is an open-end | -26.64 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -25.63 |
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