Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 1.85 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -19.88 |
| Commodities | PRECIOUS METALS | Commodity | -494.89 |
| country | AUSTRALIA | Fixed Income | -0.01 |
| country | BRAZIL | Equity | 1.90 |
| country | CHINA | Equity | -39.26 |
| country | INDIA | Equity | -108.52 |
| country | JAPAN | Equity | 3252.89 |
| country | KOREA | Equity | -4.96 |
| country | RUSSIA | Equity | 39.60 |
| country | SOUTH AFRICA | Equity | 1.32 |
| industry | BASIC MATERIALS SECTOR | Equity | 0.00 |
| industry | COMMUNICATIONS SECTOR | Equity | -0.78 |
| industry | ENERGY SECTOR | Equity | 51.55 |
| industry | FINANCIAL SECTOR | Equity | -0.87 |
| industry | HEALTH CARE SECTOR | Equity | 104.38 |
| industry | NATURAL RESOURCES SECTOR | Equity | -9.14 |
| industry | REAL ESTATE SECTOR | Equity | 6.22 |
| industry | UTILITIES SECTOR | Equity | -4.40 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | -22.36 |
| region | EUROPEAN REGION | Equity | 159.21 |
| region | LATIN AMERICAN REGION | Equity | -1.59 |
| region | NORTH AMERICAN REGION | Equity | 4.09 |
| Risk | GOVERNMENT BOND | Fixed Income | -81.94 |
| Risk | LONG SHORT | Equity | 224.07 |
| Sector | AGRICULTURE | Commodity | 7.38 |
| Sector | CONSUMER DISCRETIONARY | Equity | 14.35 |
| Sector | CONSUMER STAPLES | Equity | -5.67 |
| segment | BRIC | Equity | -2.05 |
| segment | EMERGING MARKETS | Equity | -117.24 |
| Size | LARGE-CAP | Equity | 471.86 |
| Size | MID-CAP | Equity | 19.18 |
| Size | SMALL-CAP | Equity | -39.70 |
Source: Midlincoln Research
Fund Aggregates
Chart: Investors chose wrong side of the trade in Cons Disc, Inf.Tech and Health Care
Source: Factset, DB, ValueWalk
Emerging markets fund flow showed -117.2 USD mn of outflow.. While Frontier Markets funds showed 0.0 USD mn of inflows.
BRAZIL Equity funds showed 1.9 USD mn of inflow.
CHINA Equity funds showed -39.3 USD mn of outflow.
INDIA Equity funds showed -108.5 USD mn of outflow.
KOREA Equity funds showed -5.0 USD mn of outflow.
RUSSIA Equity funds showed 39.6 USD mn of inflow.
SOUTH AFRICA Equity funds showed 1.3 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed -0.8 USD mn of outflow.
ENERGY SECTOR Equity funds showed 51.5 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -0.9 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 6.2 USD mn of inflow.
UTILITIES SECTOR Equity funds showed -4.4 USD mn of outflow.
LONG SHORT Equity funds showed 224.1 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 | HSBC Global Investment Funds - Russia Equity | 26.38 |
| Equity | East Capital Lux - Russian Fund is an open-end | 8.36 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 5.04 |
| Equity | HSBC Global Investment Funds - Russia Equity | 2.75 |
| Equity | HSBC Global Investment Funds - Russia Equity | 1.95 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -4.28 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | -2.38 |
| Equity | Direxion Daily Russia Bull 3x Shares is an | -0.30 |
| Equity | Source RDX UCITS ETF is a UCITS compliant | -0.05 |
| Equity | DWS Russia is an open-end investment fund | -0.05 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | ChinaAMC ETF Series - ChinaAMC CSI 300 Index | 2.51 |
| Equity | First State Global Umbrella PLC - China | 2.40 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | 0.70 |
| Equity | Hang Seng Investment Index Funds Series - | 0.62 |
| Equity | SPDR S&P China ETF is an exchange-traded | -2.27 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | -39.50 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | -3.71 |
| Equity | SPDR S&P China ETF is an exchange-traded | -2.27 |
| Equity | Hang Seng Investment Index Funds Series - | 0.62 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | 0.70 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.90 |
| Equity | iShares MSCI South Africa UCITS ETF is an | 0.42 |
| 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 | iShares MSCI South Africa UCITS ETF is an | 0.42 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.90 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | 2.90 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.20 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -0.19 |
| Equity | iShares MSCI South Korea Capped ETF is an | -1.34 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -6.54 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -6.54 |
| Equity | iShares MSCI South Korea Capped ETF is an | -1.34 |
| Equity | Deutsche X-trackers MSCI South Korea Hedged | -0.19 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.20 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | 2.90 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | 4.13 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | 1.67 |
| Equity | AMUNDI ETF MSCI INDIA UCITS ETF is a UCITS | 1.64 |
| Equity | GS India Equity Portfolio is a Portfolio | 1.21 |
| Equity | AXA India Fund is an investment-linked | 0.07 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Vontobel India Fund is an open-end fund | -65.61 |
| Equity | Aberdeen Global - India Equity Fund is | -13.22 |
| Equity | HSBC Global Investment Funds - Indian Equity | -12.31 |
| Equity | HSBC Global Investment Funds - Indian Equity | -9.85 |
| Equity | iShares MSCI India ETF is an exchange-traded | -6.59 |
Source: MidLincoln Research
Turkey Inflows
Turkey Outflows
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | 2.67 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 0.81 |
| Equity | iShares MSCI Brazil UCITS ETF (Acc) is an | 0.06 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 0.04 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 0.00 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -0.94 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | -0.54 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -0.11 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | -0.09 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | 0.00 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | ZKB-CIF I Australia Govt. Bond Index is | 0.00 |
| Fixed Income | Daiwa Bond Fund Series - Monthly Dividend | -0.01 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Daiwa Bond Fund Series - Monthly Dividend | -0.01 |
| Fixed Income | ZKB-CIF I Australia Govt. Bond Index is | 0.00 |
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