Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | -4.45 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 4.85 |
| Commodities | PRECIOUS METALS | Commodity | 530.25 |
| country | AUSTRALIA | Equity | -34.82 |
| country | AUSTRALIA | Mixed Allocation | 0.41 |
| country | BRAZIL | Equity | -8.44 |
| country | BRAZIL | Fixed Income | -1433.86 |
| country | CHINA | Equity | 154.80 |
| country | CHINA | Fixed Income | 0.00 |
| country | INDIA | Equity | 37.65 |
| country | INDIA | Fixed Income | -0.22 |
| country | ISRAEL | Equity | 0.36 |
| country | JAPAN | Equity | 26752.69 |
| country | KOREA | Equity | -31.91 |
| country | POLAND | Equity | -1.38 |
| country | RUSSIA | Equity | -14.45 |
| country | SOUTH AFRICA | Equity | -0.59 |
| Country | TAIWAN | Equity | -2.91 |
| country | TURKEY | Equity | -5.73 |
| country | UNITED KINGDOM | Equity | -59.76 |
| industry | BASIC MATERIALS SECTOR | Equity | -3.81 |
| industry | COMMUNICATIONS SECTOR | Equity | 22.41 |
| industry | ENERGY SECTOR | Equity | 206.93 |
| industry | FINANCIAL SECTOR | Equity | 2.27 |
| industry | HEALTH CARE SECTOR | Equity | 88.47 |
| industry | NATURAL RESOURCES SECTOR | Equity | 67.84 |
| industry | REAL ESTATE SECTOR | Alternative | -0.11 |
| industry | REAL ESTATE SECTOR | Equity | 81.17 |
| industry | TECHNOLOGY SECTOR | Equity | -12.56 |
| industry | UTILITIES SECTOR | Equity | 286.32 |
| region | AFRICAN REGION | Equity | 0.06 |
| region | ASIAN PACIFIC REGION | Equity | 30.61 |
| region | ASIAN PACIFIC REGION | Fixed Income | 35.53 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 170.76 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -7.12 |
| region | EASTERN EUROPEAN REGION | Equity | -8.22 |
| region | EUROPEAN REGION | Equity | -357.09 |
| region | LATIN AMERICAN REGION | Equity | 156.84 |
| region | LATIN AMERICAN REGION | Fixed Income | -242.53 |
| region | MIDDLE EAST REGION | Equity | 0.18 |
| region | MIDDLE EAST REGION | Fixed Income | -0.60 |
| region | NORTH AMERICAN REGION | Equity | 40.02 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.31 |
| Risk | GOVERNMENT BOND | Fixed Income | 80.18 |
| Risk | INFLATION PROTECTED | Fixed Income | 190.31 |
| Risk | LONG SHORT | Alternative | -93.39 |
| Risk | LONG SHORT | Equity | 0.40 |
| Sector | AGRICULTURE | Commodity | 16.83 |
| Sector | AGRICULTURE | Equity | 0.04 |
| Sector | CONSUMER DISCRETIONARY | Equity | 42.29 |
| Sector | CONSUMER STAPLES | Equity | -34.11 |
| segment | BRIC | Equity | -13.43 |
| segment | DEVELOPED MARKETS | Equity | 145.34 |
| segment | EMEA | Equity | 0.15 |
| segment | EMERGING MARKETS | Equity | 108.31 |
| segment | GCC | Equity | -0.48 |
| segment | MENA | Equity | -0.51 |
| segment | MENA | Fixed Income | -6.05 |
| Size | LARGE-CAP | Equity | 800.33 |
| Size | MID-CAP | Equity | 650.18 |
| Size | SMALL-CAP | Equity | 129.14 |
Source: Midlincoln Research
Fund Aggregates
Chart: Global Cross Border Capital Flow Tittering At the Node... Nothing Like in 2007.. Expecting this to Change?
Source: IMF, Economist
Emerging markets fund flow showed 108.3 USD mn of inflow. While Frontier Markets funds showed -0.2 USD mn of outflows.
BRAZIL Equity funds showed -8.4 USD mn of outflow.
BRAZIL Fixed Income funds showed -1433.9 USD mn of outflow.
CHINA Equity funds showed 154.8 USD mn of inflow.
CHINA Fixed Income funds showed 0.0 USD mn of inflow.
INDIA Equity funds showed 37.6 USD mn of inflow.
INDIA Fixed Income funds showed -0.2 USD mn of outflow.
KOREA Equity funds showed -31.9 USD mn of outflow.
RUSSIA Equity funds showed -14.5 USD mn of outflow.
SOUTH AFRICA Equity funds showed -0.6 USD mn of outflow.
TURKEY Equity funds showed -5.7 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 22.4 USD mn of inflow.
ENERGY SECTOR Equity funds showed 206.9 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed 2.3 USD mn of inflow.
REAL ESTATE SECTOR Alternative funds showed -0.1 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 81.2 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -12.6 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 286.3 USD mn of inflow.
LONG SHORT Alternative funds showed -93.4 USD mn of outflow.
LONG SHORT Equity 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 | Market Vectors Russia ETF is an exchange-traded | 1.69 |
| Equity | db x-trackers MSCI Russia Capped Index UCITS | 0.12 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 0.09 |
| Equity | Source RDX UCITS ETF is a UCITS compliant | 0.03 |
| Equity | HSBC Global Investment Funds - Russia Equity | -0.89 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | -4.38 |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -3.16 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | -2.85 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -2.61 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -2.50 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | 99.99 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | 12.00 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | 1.08 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | 0.18 |
| Fixed Income | GaveKal China Fixed Income UCITS Fund is | 0.08 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | First State Global Umbrella PLC - China | -21.70 |
| Equity | LYXOR UCITS ETF CHINA ENTERPRISE HSCEI - | -9.25 |
| Fixed Income | Flexifund - Bond RMB is an open-end fund short | -0.25 |
| Equity | SPDR S&P China ETF is an exchange-traded | 0.00 |
| Equity | Morgan Stanley China A Share Fund is a | 0.00 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.59 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.59 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | 8.80 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 5.35 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 1.54 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | 0.31 |
| Equity | Baring Korea Feeder Fund is an open-end | 0.26 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -32.59 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -7.93 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -7.84 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | -0.01 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.20 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 62.44 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 10.91 |
| Equity | GS India Equity Portfolio is a Portfolio | 10.25 |
| Equity | iShares MSCI India ETF is an exchange-traded | 4.02 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | 1.68 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | -23.02 |
| Equity | HSBC Global Investment Funds - Indian Equity | -8.13 |
| Equity | iPath MSCI India Index ETN is an exchange-traded | -6.69 |
| Equity | Vontobel India Fund is an open-end fund | -5.53 |
| Equity | iShares India 50 ETF is an exchange-traded | -4.70 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 4.17 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -9.90 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -9.90 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 4.17 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | 7.31 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | 3.95 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 1.25 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 0.84 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 0.04 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | -99.99 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -9.18 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -3.29 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | -2.07 |
| Fixed Income | UBS (Lux) Bond Sicav - Brazil is an open-end | -0.28 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | 0.41 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | -3.88 |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | -30.94 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | -30.94 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | -3.88 |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | 0.41 |
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