Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | -36.73 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 388.97 |
| Commodities | PRECIOUS METALS | Commodity | -1266.72 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 8.31 |
| country | AUSTRALIA | Equity | -118.10 |
| country | AUSTRALIA | Fixed Income | 8.45 |
| country | AUSTRALIA | Mixed Allocation | 0.08 |
| country | BRAZIL | Equity | -130.06 |
| country | BRAZIL | Fixed Income | 38.04 |
| country | CHINA | Equity | 361.98 |
| country | CHINA | Fixed Income | 0.96 |
| Country | EGYPT | Equity | -1.37 |
| country | INDIA | Equity | -84.89 |
| country | INDIA | Fixed Income | 19.02 |
| country | ISRAEL | Equity | -0.26 |
| country | JAPAN | Equity | -31.28 |
| country | JAPAN | Fixed Income | 23.36 |
| country | JAPAN | Mixed Allocation | 1.19 |
| country | KOREA | Equity | -69.75 |
| country | POLAND | Equity | 0.90 |
| country | RUSSIA | Equity | -502.69 |
| country | RUSSIA | Fixed Income | -67.48 |
| country | SOUTH AFRICA | Equity | -0.39 |
| country | SPAIN | Equity | -18.94 |
| Country | TAIWAN | Equity | -76.95 |
| country | TURKEY | Equity | -86.57 |
| country | UNITED KINGDOM | Equity | -289.65 |
| industry | BASIC MATERIALS SECTOR | Equity | 283.79 |
| industry | COMMUNICATIONS SECTOR | Equity | -30.06 |
| industry | ENERGY SECTOR | Equity | -606.03 |
| industry | ENERGY SECTOR | Mixed Allocation | 0.01 |
| industry | FINANCIAL SECTOR | Equity | -172.11 |
| industry | HEALTH CARE SECTOR | Equity | -662.69 |
| industry | INDUSTRIAL SECTOR | Equity | -25.99 |
| industry | MULTIPLE SECTOR | Equity | -0.04 |
| industry | NATURAL RESOURCES SECTOR | Equity | 37.77 |
| industry | REAL ESTATE SECTOR | Alternative | -1.45 |
| industry | REAL ESTATE SECTOR | Equity | 267.15 |
| industry | TECHNOLOGY SECTOR | Equity | 207.73 |
| industry | UTILITIES SECTOR | Equity | 261.13 |
| region | AFRICAN REGION | Equity | -8.24 |
| region | AFRICAN REGION | Fixed Income | -10.67 |
| region | ASIAN PACIFIC REGION | Equity | -297.79 |
| region | ASIAN PACIFIC REGION | Fixed Income | -2.72 |
| region | ASIAN PACIFIC REGION | Mixed Allocation | -5.34 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -228.89 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -7.13 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | 8.68 |
| region | EASTERN EUROPEAN REGION | Equity | -98.42 |
| region | EASTERN EUROPEAN REGION | Fixed Income | -1423.19 |
| region | EASTERN EUROPEAN REGION | Mixed Allocation | 0.44 |
| region | EUROPEAN REGION | Equity | 370.08 |
| region | EUROPEAN REGION | Fixed Income | -64.52 |
| region | EUROPEAN REGION | Mixed Allocation | 0.89 |
| region | LATIN AMERICAN REGION | Equity | 101.54 |
| region | LATIN AMERICAN REGION | Fixed Income | 12.21 |
| region | MIDDLE EAST REGION | Equity | 1.99 |
| region | MIDDLE EAST REGION | Fixed Income | -0.28 |
| region | NORDIC REGION | Equity | -134.37 |
| region | NORTH AMERICAN REGION | Equity | 3.86 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.08 |
| Risk | GOVERNMENT BOND | Alternative | -0.18 |
| Risk | GOVERNMENT BOND | Equity | 0.00 |
| Risk | GOVERNMENT BOND | Fixed Income | -977.06 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 0.70 |
| Risk | INFLATION PROTECTED | Brazil | 1.71 |
| Risk | INFLATION PROTECTED | Fixed Income | -287.19 |
| Risk | INFLATION PROTECTED | Mixed Allocation | 3.69 |
| Risk | LONG SHORT | Alternative | 35.70 |
| Risk | LONG SHORT | Equity | 304.20 |
| Risk | LONG SHORT | Fixed Income | -0.73 |
| Risk | LONG SHORT | Mixed Allocation | 0.03 |
| Sector | AGRICULTURE | Commodity | -27.39 |
| Sector | AGRICULTURE | Equity | 1.10 |
| Sector | CONSUMER DISCRETIONARY | Equity | 345.34 |
| Sector | CONSUMER STAPLES | Equity | 670.70 |
| segment | BRIC | Equity | -10.56 |
| segment | BRIC | Fixed Income | 10.59 |
| segment | DEVELOPED MARKETS | Equity | -440.27 |
| segment | EMEA | Equity | 10.74 |
| segment | EMEA | Fixed Income | -2.65 |
| segment | EMERGING MARKETS | Equity | -1086.43 |
| segment | GCC | Equity | -0.18 |
| segment | GCC | Fixed Income | -0.01 |
| segment | GCC | Mixed Allocation | 0.75 |
| segment | MENA | Equity | 0.49 |
| segment | MENA | Fixed Income | 1.28 |
| Size | LARGE-CAP | Equity | 6592.74 |
| Size | MID-CAP | Commodity | 0.55 |
| Size | MID-CAP | Equity | 914.69 |
| Size | SMALL-CAP | Equity | -111.43 |
Source: Midlincoln Research
Fund Aggregates
Chart: Results of some of the larger quant or quasi quant funds
Source: ML
Download file in Power PointEmerging markets fund flow showed -1086.4 USD mn of outflow.. While Frontier Markets funds showed 0.5 USD mn of inflows.
BRAZIL Equity funds showed -130.1 USD mn of outflow.
BRAZIL Fixed Income funds showed 38.0 USD mn of inflow.
CHINA Equity funds showed 362.0 USD mn of inflow.
CHINA Fixed Income funds showed 1.0 USD mn of inflow.
INDIA Equity funds showed -84.9 USD mn of outflow.
INDIA Fixed Income funds showed 19.0 USD mn of inflow.
KOREA Equity funds showed -69.8 USD mn of outflow.
RUSSIA Equity funds showed -502.7 USD mn of outflow.
RUSSIA Fixed Income funds showed -67.5 USD mn of outflow.
SOUTH AFRICA Equity funds showed -0.4 USD mn of outflow.
TURKEY Equity funds showed -86.6 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed -30.1 USD mn of outflow.
ENERGY SECTOR Equity funds showed -606.0 USD mn of outflow.
ENERGY SECTOR Mixed Allocation funds showed 0.0 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -172.1 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -1.4 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 267.2 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed 207.7 USD mn of inflow.
UTILITIES SECTOR Equity funds showed 261.1 USD mn of inflow.
LONG SHORT Alternative funds showed 35.7 USD mn of inflow.
LONG SHORT Equity funds showed 304.2 USD mn of inflow.
LONG SHORT Fixed Income funds showed -0.7 USD mn of outflow.
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 | Swedbank Robur Rysslandsfonden is an open-end | 11.69 |
| Equity | East Capital Lux - Russian Fund is an open-end | 5.37 |
| Equity | East Capital - Russian Fund is an open-end | 3.76 |
| Fixed Income | Ikra Sicav - Russian Taste is a SICAV incorporated | 0.43 |
| Fixed Income | AMCFM Fund Russia Bonds is an open-end | 0.01 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -99.99 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -99.99 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -85.99 |
| Equity | Market Vectors Russia ETF is an exchange-traded | -77.16 |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | -67.88 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | 99.99 |
| Equity | HSBC Global Investment Funds - Chinese | 99.99 |
| Equity | GAM Star plc - China Equity is a UCITS | 19.71 |
| Equity | K China Equity Fund is an open-ended fund | 19.16 |
| Equity | First State Global Umbrella PLC - China | 16.80 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares Asia Trust - iShares FTSE A50 China | -51.64 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | -39.32 |
| Equity | HSBC Global Investment Funds - Chinese | -31.30 |
| Equity | BlackRock Global Funds - China Fund is | -5.06 |
| Equity | BlackRock Global Funds - China Fund is | -4.91 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | 5.20 |
| Equity | The Lyxor South Africa ETF is a UCITS | 5.20 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.15 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.15 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | 0.00 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa ETF is an exchange-traded | -9.59 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -1.37 |
| Equity | HSBC MSCI South Africa UCITS ETF is an exchange-traded | -0.14 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | 0.00 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.15 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | 6.67 |
| Equity | db x-trackers - MSCI Korea TRN Index | 6.45 |
| Equity | Fidelity Funds - Korea Fund is an open-end | 3.70 |
| Equity | JPMorgan Korea Fund is a unit trust incorporated | 3.17 |
| Equity | Matthews Korea Fund is an open-end fund | 2.19 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -82.83 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -4.56 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -4.33 |
| Equity | iShares MSCI Korea UCITS ETF (Acc) is an | -1.34 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -0.45 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Franklin Templeton Investment Funds - Franklin | 43.96 |
| Equity | HSBC Global Investment Funds - Indian Equity | 24.82 |
| Equity | db x-trackers CNX Nifty UCITS ETF is a UCITS | 16.66 |
| Equity | HSBC Global Investment Funds - Indian Equity | 15.72 |
| Fixed Income | K Debt Opportunities Fund Ltd is an open-end | 13.49 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI India ETF is an exchange-traded | -66.26 |
| Equity | Aberdeen Global - India Equity Fund is | -43.97 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | -34.07 |
| Equity | Aberdeen Global - India Equity Fund is | -19.93 |
| Equity | GS India Equity Portfolio is a Portfolio | -11.33 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | 0.00 |
| Equity | The RBS Market Access Dow Jones Turkey Titans | 0.00 |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | 0.00 |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | -0.42 |
| Equity | -0.46 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | -60.86 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -12.49 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -12.34 |
| Equity | -0.46 | |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | -0.42 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | 36.11 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 9.72 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 3.52 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 3.52 |
| Fixed Income | DWS Brazil Bond Fund is an open-end investment | 2.99 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil Capped ETF is an exchange-traded | -99.99 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -10.38 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -7.29 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -7.15 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -6.77 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | 11.18 | |
| Equity | Australia Equity Income Fund is an open-end | 8.83 |
| Equity | Candriam Equities L - Australia is a SICAV | 5.50 |
| Equity | Candriam Equities L - Australia is a SICAV | 1.36 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 1.17 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia ETF is an exchange-traded | -87.14 |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | -24.69 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -9.67 |
| Equity | Fidelity Funds - Australia Fund is an open-end | -9.63 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | -2.95 |
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