Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 37.92 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -34.23 |
| Commodities | PRECIOUS METALS | Commodity | -76.98 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 2.36 |
| country | AUSTRALIA | Equity | 48.08 |
| country | AUSTRALIA | Fixed Income | 18.36 |
| country | AUSTRALIA | Mixed Allocation | 0.25 |
| country | BRAZIL | Equity | -61.12 |
| country | BRAZIL | Fixed Income | 2560.67 |
| country | CHINA | Equity | 371.64 |
| country | CHINA | Fixed Income | 16.22 |
| country | INDIA | Equity | 182.81 |
| country | INDIA | Fixed Income | -8.40 |
| country | ISRAEL | Equity | 0.16 |
| country | JAPAN | Equity | -29801.31 |
| country | JAPAN | Fixed Income | -31.55 |
| country | KOREA | Equity | -11.23 |
| country | POLAND | Equity | 0.51 |
| country | RUSSIA | Equity | 51.56 |
| country | RUSSIA | Fixed Income | -2.21 |
| country | SOUTH AFRICA | Equity | -0.15 |
| country | SPAIN | Equity | -7.28 |
| Country | TAIWAN | Equity | 7.34 |
| country | TURKEY | Equity | -23.20 |
| country | UNITED KINGDOM | Equity | -106.14 |
| industry | BASIC MATERIALS SECTOR | Equity | -13.49 |
| industry | COMMUNICATIONS SECTOR | Equity | 60.76 |
| industry | ENERGY SECTOR | Equity | 168.91 |
| industry | FINANCIAL SECTOR | Equity | -3.05 |
| industry | HEALTH CARE SECTOR | Equity | -5.46 |
| industry | INDUSTRIAL SECTOR | Equity | -0.04 |
| industry | MULTIPLE SECTOR | Equity | -2.24 |
| industry | NATURAL RESOURCES SECTOR | Equity | -170.80 |
| industry | REAL ESTATE SECTOR | Alternative | -1.21 |
| industry | REAL ESTATE SECTOR | Equity | 69.33 |
| industry | TECHNOLOGY SECTOR | Equity | -14.54 |
| industry | UTILITIES SECTOR | Equity | 336.37 |
| region | AFRICAN REGION | Equity | 19.16 |
| region | AFRICAN REGION | Fixed Income | 4.42 |
| region | ASIAN PACIFIC REGION | Equity | 25.97 |
| region | ASIAN PACIFIC REGION | Fixed Income | 18.25 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 337.54 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | 473.95 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | 0.13 |
| region | EASTERN EUROPEAN REGION | Equity | 22.21 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 3.40 |
| region | EUROPEAN REGION | Equity | -407.90 |
| region | EUROPEAN REGION | Fixed Income | 59.86 |
| region | EUROPEAN REGION | Mixed Allocation | 0.26 |
| region | LATIN AMERICAN REGION | Equity | 290.75 |
| region | LATIN AMERICAN REGION | Fixed Income | 1004.60 |
| region | MIDDLE EAST REGION | Equity | -2.96 |
| region | MIDDLE EAST REGION | Fixed Income | 0.19 |
| region | NORDIC REGION | Equity | -1.97 |
| region | NORTH AMERICAN REGION | Equity | -45.69 |
| region | NORTH AMERICAN REGION | Fixed Income | -0.72 |
| Risk | GOVERNMENT BOND | Fixed Income | 702.73 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 0.00 |
| Risk | INFLATION PROTECTED | Brazil | -1.94 |
| Risk | INFLATION PROTECTED | Fixed Income | 486.68 |
| Risk | LONG SHORT | Alternative | -441.47 |
| Risk | LONG SHORT | Equity | -1664.06 |
| Risk | LONG SHORT | Fixed Income | 3.36 |
| Risk | LONG SHORT | Mixed Allocation | -0.30 |
| Sector | AGRICULTURE | Commodity | 3.16 |
| Sector | AGRICULTURE | Equity | -0.04 |
| Sector | CONSUMER DISCRETIONARY | Equity | -71.68 |
| Sector | CONSUMER STAPLES | Equity | -27.43 |
| segment | BRIC | Equity | -5.08 |
| segment | BRIC | Fixed Income | 0.10 |
| segment | DEVELOPED MARKETS | Equity | -142.71 |
| segment | EMEA | Equity | 0.17 |
| segment | EMEA | Fixed Income | 2.29 |
| segment | EMERGING MARKETS | Equity | 964.25 |
| segment | GCC | Equity | 0.06 |
| segment | GCC | Fixed Income | 0.00 |
| segment | GCC | Mixed Allocation | 0.00 |
| segment | MENA | Equity | -1.21 |
| segment | MENA | Fixed Income | -7.33 |
| Size | LARGE-CAP | Equity | -3058.59 |
| Size | MID-CAP | Commodity | -0.12 |
| Size | MID-CAP | Equity | -310.65 |
| Size | SMALL-CAP | Equity | -70.33 |
Source: Midlincoln Research
Fund Aggregates
Chart: Utilities Sector Funds Continue To Post Largest Inflows, Energy Funds Get Inflows As Well
Source: ML
Emerging markets fund flow showed 964.2 USD mn of inflow. While Frontier Markets funds showed -0.3 USD mn of outflows.
BRAZIL Equity funds showed -61.1 USD mn of outflow.
BRAZIL Fixed Income funds showed 2560.7 USD mn of inflow.
CHINA Equity funds showed 371.6 USD mn of inflow.
CHINA Fixed Income funds showed 16.2 USD mn of inflow.
INDIA Equity funds showed 182.8 USD mn of inflow.
INDIA Fixed Income funds showed -8.4 USD mn of outflow.
KOREA Equity funds showed -11.2 USD mn of outflow.
RUSSIA Equity funds showed 51.6 USD mn of inflow.
RUSSIA Fixed Income funds showed -2.2 USD mn of outflow.
SOUTH AFRICA Equity funds showed -0.1 USD mn of outflow.
TURKEY Equity funds showed -23.2 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 60.8 USD mn of inflow.
ENERGY SECTOR Equity funds showed 168.9 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -3.1 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -1.2 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 69.3 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -14.5 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 336.4 USD mn of inflow.
LONG SHORT Alternative funds showed -441.5 USD mn of outflow.
LONG SHORT Equity funds showed -1664.1 USD mn of outflow.
LONG SHORT Fixed Income funds showed 3.4 USD mn of inflow.
LONG SHORT Mixed Allocation funds showed -0.3 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 | HSBC Global Investment Funds - Russia Equity | 25.58 |
| Equity | Market Vectors Russia ETF is an exchange-traded | 24.47 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 6.92 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | 4.43 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 2.66 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -6.79 |
| Equity | HSBC Global Investment Funds - Russia Equity | -2.88 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -2.69 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -2.59 |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | -2.21 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | 90.30 |
| Equity | ChinaAMC ETF Series - ChinaAMC CSI 300 Index | 57.17 |
| Equity | HSBC Global Investment Funds - Chinese Equity | 54.99 |
| Equity | HSBC Global Investment Funds - Chinese | 54.12 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | 39.52 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | GAM Star plc - China Equity is a UCITS | -17.73 |
| Equity | K China Equity Fund is an open-ended fund | -11.01 |
| Equity | First State Global Umbrella PLC - China | -9.77 |
| Equity | BOCIP China Value Fund is an open-end fund | -3.43 |
| Fixed Income | Flexifund - Bond RMB is an open-end fund short | -1.52 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.73 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.88 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.88 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.73 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 7.31 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 2.43 |
| Equity | Baring Korea Feeder Fund is an open-end | 0.88 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | 0.13 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.11 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -6.67 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -6.63 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -6.60 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -1.65 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -0.38 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | 85.46 |
| Equity | Morgan Stanley India Investment Fund, Inc. | 64.32 |
| Equity | HSBC Global Investment Funds - Indian Equity | 54.55 |
| Equity | Aberdeen Global - India Equity Fund is | 30.40 |
| Equity | HSBC Global Investment Funds - Indian Equity | 19.51 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Vontobel India Fund is an open-end fund | -68.26 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -9.29 |
| Fixed Income | K Debt Opportunities Fund Ltd is an open-end | -6.86 |
| Equity | GS India Equity Portfolio is a Portfolio | -4.72 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | -3.07 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -4.49 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -18.71 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -18.71 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -4.49 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 99.99 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 3.00 |
| Fixed Income | Aberdeen Global - Brazil Bond Fund is a | 1.12 |
| Fixed Income | Aberdeen Global - Brazil Bond Fund is a | 1.11 |
| Fixed Income | UBS (Lux) Bond Sicav - Brazil is an open-end | 0.66 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | -21.04 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -13.45 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -12.95 |
| Fixed Income | DWS Brazil Bond Fund is an open-end investment | -10.03 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -6.38 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | 17.86 | |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 13.82 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 13.71 |
| Equity | Candriam Equities L - Australia is a SICAV | 13.71 |
| Equity | Candriam Equities L - Australia is a SICAV | 11.46 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | -6.22 |
| Equity | Baring International Umbrella - Baring Australia | -4.23 |
| Equity | SmartOZZY is an investment fund incorporated | 0.01 |
| Equity | Swisscanto AST Avant Aktien Ausland Index | 0.11 |
| Fixed Income | Daiwa Bond Fund Series - Monthly Dividend | 0.11 |
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