Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 0.25 |
| Commodities | PRECIOUS METAL SECTOR | Equity | 12.99 |
| Commodities | PRECIOUS METALS | Commodity | 983.24 |
| country | AUSTRALIA | Equity | -4.34 |
| country | AUSTRALIA | Fixed Income | 1.63 |
| country | AUSTRALIA | Mixed Allocation | -0.20 |
| country | BRAZIL | Equity | -11.29 |
| country | BRAZIL | Fixed Income | 1111.23 |
| country | CHINA | Equity | -4399.11 |
| country | CHINA | Fixed Income | -25.66 |
| country | INDIA | Equity | -372.28 |
| country | INDIA | Fixed Income | -4.86 |
| country | ISRAEL | Equity | -0.02 |
| country | JAPAN | Equity | -42293.73 |
| country | JAPAN | Fixed Income | -0.49 |
| country | KOREA | Equity | -6.32 |
| country | RUSSIA | Equity | 78.60 |
| country | RUSSIA | Fixed Income | 1.65 |
| country | SOUTH AFRICA | Equity | 0.55 |
| country | SPAIN | Equity | -18.61 |
| Country | TAIWAN | Equity | 0.46 |
| country | TURKEY | Equity | -6.22 |
| country | UNITED KINGDOM | Equity | -32.02 |
| industry | BASIC MATERIALS SECTOR | Equity | 47.82 |
| industry | COMMUNICATIONS SECTOR | Equity | 15.24 |
| industry | ENERGY SECTOR | Equity | 194.05 |
| industry | FINANCIAL SECTOR | Equity | -0.54 |
| industry | HEALTH CARE SECTOR | Equity | 89.52 |
| industry | INDUSTRIAL SECTOR | Equity | -0.19 |
| industry | NATURAL RESOURCES SECTOR | Equity | 10.26 |
| industry | REAL ESTATE SECTOR | Alternative | -1.75 |
| industry | REAL ESTATE SECTOR | Equity | 184.28 |
| industry | TECHNOLOGY SECTOR | Equity | -3.73 |
| industry | UTILITIES SECTOR | Equity | 274.57 |
| region | AFRICAN REGION | Equity | -16.48 |
| region | ASIAN PACIFIC REGION | Equity | -9.48 |
| region | ASIAN PACIFIC REGION | Fixed Income | -341.35 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 318.78 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | 196.31 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | -0.05 |
| region | EASTERN EUROPEAN REGION | Equity | 3.16 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 9.10 |
| region | EUROPEAN REGION | Equity | -387.04 |
| region | EUROPEAN REGION | Fixed Income | -2.53 |
| region | LATIN AMERICAN REGION | Equity | 64.95 |
| region | LATIN AMERICAN REGION | Fixed Income | 223.81 |
| region | MIDDLE EAST REGION | Equity | -2.53 |
| region | MIDDLE EAST REGION | Fixed Income | 2.78 |
| region | NORDIC REGION | Equity | -6.86 |
| region | NORTH AMERICAN REGION | Equity | -213.65 |
| region | NORTH AMERICAN REGION | Fixed Income | -0.01 |
| Risk | GOVERNMENT BOND | Fixed Income | 56.62 |
| Risk | INFLATION PROTECTED | Fixed Income | 181.27 |
| Risk | LONG SHORT | Alternative | -210.43 |
| Risk | LONG SHORT | Equity | -332.92 |
| Risk | LONG SHORT | Fixed Income | 0.30 |
| Risk | LONG SHORT | Mixed Allocation | 0.01 |
| Sector | AGRICULTURE | Commodity | 3.25 |
| Sector | AGRICULTURE | Equity | 0.00 |
| Sector | CONSUMER DISCRETIONARY | Equity | 3.24 |
| Sector | CONSUMER STAPLES | Equity | -131.44 |
| segment | BRIC | Equity | -2.76 |
| segment | BRIC | Fixed Income | -0.20 |
| segment | DEVELOPED MARKETS | Equity | -355.67 |
| segment | EMEA | Equity | -0.66 |
| segment | EMEA | Fixed Income | 1.90 |
| segment | EMERGING MARKETS | Equity | -159.94 |
| segment | GCC | Equity | -5.17 |
| segment | MENA | Equity | -0.21 |
| segment | MENA | Fixed Income | -4.75 |
| Size | LARGE-CAP | Equity | 219.34 |
| Size | MID-CAP | Commodity | 0.90 |
| Size | MID-CAP | Equity | -420.27 |
| Size | SMALL-CAP | Equity | 2.97 |
Source: Midlincoln Research
Fund Aggregates
Chart: US Investors put money into investment grade corporate bonds GEM and Broad market bonds
Source: Blackrock
Emerging markets fund flow showed -159.9 USD mn of outflow.. While Frontier Markets funds showed USD mn of inflows.
BRAZIL Equity funds showed -11.3 USD mn of outflow.
BRAZIL Fixed Income funds showed 1111.2 USD mn of inflow.
CHINA Equity funds showed -4399.1 USD mn of outflow.
CHINA Fixed Income funds showed -25.7 USD mn of outflow.
INDIA Equity funds showed -372.3 USD mn of outflow.
INDIA Fixed Income funds showed -4.9 USD mn of outflow.
KOREA Equity funds showed -6.3 USD mn of outflow.
RUSSIA Equity funds showed 78.6 USD mn of inflow.
RUSSIA Fixed Income funds showed 1.7 USD mn of inflow.
SOUTH AFRICA Equity funds showed 0.6 USD mn of inflow.
TURKEY Equity funds showed -6.2 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 15.2 USD mn of inflow.
ENERGY SECTOR Equity funds showed 194.0 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -0.5 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -1.7 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 184.3 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -3.7 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 274.6 USD mn of inflow.
LONG SHORT Alternative funds showed -210.4 USD mn of outflow.
LONG SHORT Equity funds showed -332.9 USD mn of outflow.
LONG SHORT Fixed Income funds showed 0.3 USD mn of inflow.
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 | Market Vectors Russia ETF is an exchange-traded | 25.71 |
| Equity | East Capital Lux - Russian Fund is an open-end | 17.41 |
| Equity | LYXOR ETF RUSSIA (Dow Jones Russia GDR) - | 16.82 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 16.54 |
| Equity | East Capital - Russian Fund is an open-end | 12.61 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -8.65 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | -8.47 |
| Equity | Source RDX UCITS ETF is a UCITS compliant | -0.02 |
| Fixed Income | Ikra Sicav - Russian Taste is a SICAV incorporated | 0.00 |
| Equity | db x-trackers MSCI Russia Capped Index UCITS | 0.11 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | 99.99 |
| Equity | KB China Mainland A Share Leverage Securities | 1.33 |
| Equity | K China Equity Fund is an open-ended fund | 1.16 |
| Equity | Morgan Stanley China A Share Fund is a | 0.12 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | -2.91 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | First State Global Umbrella PLC - China | -11.63 |
| Equity | LYXOR UCITS ETF CHINA ENTERPRISE HSCEI - | -9.52 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | -7.85 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | -7.62 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.55 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.55 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 6.08 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 2.96 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 1.84 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.09 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 0.04 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | -7.71 |
| Equity | INVESCO Korean Equity Fund is a UCITS | -7.67 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -1.12 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -0.70 |
| Equity | Baring Korea Feeder Fund is an open-end | -0.15 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | GS India Equity Portfolio is a Portfolio | 49.96 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 2.55 |
| Equity | Morgan Stanley India Investment Fund, Inc. | 0.88 |
| Fixed Income | Kotak Funds - India Fixed Income Fund is | 0.41 |
| Equity | AXA India Fund is an investment-linked | 0.00 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | -99.99 |
| Equity | Aberdeen Global - India Equity Fund is | -81.64 |
| Equity | Vontobel India Fund is an open-end fund | -42.06 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | -13.17 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | -6.66 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -6.22 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | -6.22 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 99.99 |
| Equity | Lyxor ETF Brazil (Ibovespa) USD is an exchange | 4.92 |
| Equity | HSBC Brazil Fund is an open-end fund incorporated | 0.46 |
| Fixed Income | UBS (Lux) Bond Sicav - Brazil is an open-end | 0.36 |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | 0.07 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -5.68 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -5.50 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -2.36 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -1.94 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | -1.18 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 15.95 |
| Fixed Income | 1.56 | |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | 0.89 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | 0.21 |
| Fixed Income | Daiwa Bond Fund Series - Monthly Dividend | 0.05 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Candriam Equities L - Australia is a SICAV | -7.95 |
| Equity | Candriam Equities L - Australia is a SICAV | -7.30 |
| Equity | Swisscanto AST Avant Aktien Ausland Index | -3.05 |
| Equity | Baring International Umbrella - Baring Australia | -2.87 |
| Equity | WisdomTree Australia Dividend Fund is an | -0.22 |
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