Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 2.21 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 133.91 |
| Commodities | PRECIOUS METALS | Commodity | 764.07 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 0.46 |
| country | AUSTRALIA | Equity | 25.26 |
| country | AUSTRALIA | Fixed Income | 11.99 |
| country | AUSTRALIA | Mixed Allocation | -0.15 |
| country | BRAZIL | Equity | -5.71 |
| country | BRAZIL | Fixed Income | 33.45 |
| country | CHINA | Equity | 1610.67 |
| country | CHINA | Fixed Income | -11.37 |
| country | INDIA | Equity | -149.82 |
| country | INDIA | Fixed Income | -1.05 |
| country | ISRAEL | Equity | 0.04 |
| country | JAPAN | Equity | 211.48 |
| country | JAPAN | Fixed Income | 4.02 |
| country | KOREA | Equity | 11.88 |
| country | POLAND | Equity | -1.68 |
| country | RUSSIA | Equity | 29.64 |
| country | RUSSIA | Fixed Income | -0.17 |
| country | SOUTH AFRICA | Equity | -0.04 |
| country | SPAIN | Equity | -3.37 |
| Country | TAIWAN | Equity | -6.38 |
| country | TURKEY | Equity | -10.41 |
| country | UNITED KINGDOM | Equity | -65.44 |
| industry | BASIC MATERIALS SECTOR | Equity | 21.70 |
| industry | COMMUNICATIONS SECTOR | Equity | 62.62 |
| industry | ENERGY SECTOR | Equity | -3.31 |
| industry | FINANCIAL SECTOR | Equity | -4.11 |
| industry | HEALTH CARE SECTOR | Equity | 100.82 |
| industry | INDUSTRIAL SECTOR | Equity | -0.33 |
| industry | MULTIPLE SECTOR | Equity | -0.02 |
| industry | NATURAL RESOURCES SECTOR | Equity | -123.11 |
| industry | REAL ESTATE SECTOR | Alternative | 1.19 |
| industry | REAL ESTATE SECTOR | Equity | 215.64 |
| industry | TECHNOLOGY SECTOR | Equity | -9.35 |
| industry | UTILITIES SECTOR | Equity | -195.35 |
| region | AFRICAN REGION | Equity | 45.44 |
| region | ASIAN PACIFIC REGION | Equity | 23.01 |
| region | ASIAN PACIFIC REGION | Fixed Income | 106.63 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 94.75 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -3.72 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -0.85 |
| region | EASTERN EUROPEAN REGION | Equity | -5.19 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 6.91 |
| region | EUROPEAN REGION | Equity | -138.28 |
| region | EUROPEAN REGION | Fixed Income | -0.14 |
| region | EUROPEAN REGION | Mixed Allocation | 0.16 |
| region | LATIN AMERICAN REGION | Equity | -27.77 |
| region | LATIN AMERICAN REGION | Fixed Income | 17.28 |
| region | MIDDLE EAST REGION | Equity | -9.05 |
| region | MIDDLE EAST REGION | Fixed Income | -5.82 |
| region | NORDIC REGION | Equity | -0.23 |
| region | NORTH AMERICAN REGION | Equity | 56.89 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.25 |
| Risk | GOVERNMENT BOND | Fixed Income | 370.06 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 0.07 |
| Risk | INFLATION PROTECTED | Brazil | -0.19 |
| Risk | INFLATION PROTECTED | Fixed Income | 205.94 |
| Risk | LONG SHORT | Alternative | -66.13 |
| Risk | LONG SHORT | Equity | 382.31 |
| Risk | LONG SHORT | Fixed Income | -1.52 |
| Risk | LONG SHORT | Mixed Allocation | -0.08 |
| Sector | AGRICULTURE | Commodity | 1.93 |
| Sector | AGRICULTURE | Equity | -0.01 |
| Sector | CONSUMER DISCRETIONARY | Equity | -15.25 |
| Sector | CONSUMER STAPLES | Equity | -93.44 |
| segment | BRIC | Equity | -17.57 |
| segment | BRIC | Fixed Income | -0.14 |
| segment | DEVELOPED MARKETS | Equity | -832.56 |
| segment | EMEA | Equity | 0.63 |
| segment | EMEA | Fixed Income | 1.39 |
| segment | EMERGING MARKETS | Equity | -959.15 |
| segment | GCC | Equity | 1.15 |
| segment | GCC | Fixed Income | 0.00 |
| segment | GCC | Mixed Allocation | 0.01 |
| segment | MENA | Equity | -4.40 |
| segment | MENA | Fixed Income | 0.65 |
| Size | LARGE-CAP | Equity | 2522.37 |
| Size | MID-CAP | Commodity | 0.12 |
| Size | MID-CAP | Equity | 203.12 |
| Size | SMALL-CAP | Equity | 129.28 |
Source: Midlincoln Research
Fund Aggregates
Chart: US Banks Shares Spike On Higher Rates Expectations, Steeper Curve - Adding to Rate Shenanigans and perhaps stimulating more GEM Outflows
Source: ML, WSJ
Emerging markets fund flow showed -959.2 USD mn of outflow.. While Frontier Markets funds showed 0.0 USD mn of inflows.
BRAZIL Equity funds showed -5.7 USD mn of outflow.
BRAZIL Fixed Income funds showed 33.5 USD mn of inflow.
CHINA Equity funds showed 1610.7 USD mn of inflow.
CHINA Fixed Income funds showed -11.4 USD mn of outflow.
INDIA Equity funds showed -149.8 USD mn of outflow.
INDIA Fixed Income funds showed -1.0 USD mn of outflow.
KOREA Equity funds showed 11.9 USD mn of inflow.
RUSSIA Equity funds showed 29.6 USD mn of inflow.
RUSSIA Fixed Income funds showed -0.2 USD mn of outflow.
SOUTH AFRICA Equity funds showed 0.0 USD mn of inflow.
TURKEY Equity funds showed -10.4 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 62.6 USD mn of inflow.
ENERGY SECTOR Equity funds showed -3.3 USD mn of outflow.
FINANCIAL SECTOR Equity funds showed -4.1 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed 1.2 USD mn of inflow.
REAL ESTATE SECTOR Equity funds showed 215.6 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -9.4 USD mn of outflow.
UTILITIES SECTOR Equity funds showed -195.4 USD mn of outflow.
LONG SHORT Alternative funds showed -66.1 USD mn of outflow.
LONG SHORT Equity funds showed 382.3 USD mn of inflow.
LONG SHORT Fixed Income funds showed -1.5 USD mn of outflow.
LONG SHORT Mixed Allocation funds showed -0.1 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 | 31.07 |
| Equity | East Capital Lux - Russian Fund is an open-end | 8.91 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 7.26 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 5.86 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 5.72 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -13.69 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -5.84 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -5.59 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | -4.60 |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -3.17 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | 99.99 |
| Equity | Morgan Stanley China A Share Fund is a non-diversified, | 67.33 |
| Equity | W.I.S.E. - CSI 300 China Tracker® is an index-tracking | 16.72 |
| Equity | GAM Star plc - China Equity is a UCITS | 10.42 |
| Equity | K China Equity Fund is an open-ended fund | 8.95 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -99.99 |
| Equity | Hang Seng Investment Index Funds Series - | -96.05 |
| Equity | HSBC Global Investment Funds - Chinese | -45.31 |
| Equity | First State Global Umbrella PLC - China | -24.67 |
| Equity | HSBC Global Investment Funds - Chinese Equity | -24.23 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.01 |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.03 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa UCITS ETF is an | -0.03 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | -0.01 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 5.83 |
| Equity | iShares MSCI South Korea Capped ETF is an | 3.74 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 3.59 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 2.57 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | 1.21 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | INVESCO Korean Equity Fund is a UCITS | -2.71 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -2.63 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -0.45 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.24 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | -0.03 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 66.93 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | 9.69 |
| Equity | Aberdeen Global - India Equity Fund is | 6.88 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 4.42 |
| Equity | GS India Equity Portfolio is a Portfolio | 3.67 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI India ETF is an exchange-traded | -82.54 |
| Equity | Aberdeen Global - India Equity Fund is | -75.88 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | -61.43 |
| Equity | Excel India Fund is an open-end fund incorporated | -6.40 |
| Equity | iShares India 50 ETF is an exchange-traded | -5.61 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -10.41 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -10.41 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 34.00 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | 6.35 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | 1.23 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 0.79 |
| Fixed Income | Aberdeen Global - Brazil Bond Fund is a | 0.54 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | -5.90 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -3.29 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -2.24 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -2.12 |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | -0.63 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 26.07 |
| Fixed Income | 11.68 | |
| Equity | Candriam Equities L - Australia is a SICAV | 4.33 |
| Equity | Australia Equity Income Fund is an open-end | 3.00 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | 1.02 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | -4.60 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | -2.26 |
| Equity | SmartOZZY is an investment fund incorporated | -1.25 |
| Equity | Baring International Umbrella - Baring Australia | -0.81 |
| Equity | SmartMOZY is an exchange traded fund listed | -0.28 |
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