Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 60.04 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -1396.58 |
| Commodities | PRECIOUS METALS | Commodity | 2528.04 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 21.63 |
| country | AUSTRALIA | Equity | 281.04 |
| country | AUSTRALIA | Fixed Income | 81.23 |
| country | AUSTRALIA | Mixed Allocation | -0.25 |
| country | BRAZIL | Equity | 258.48 |
| country | BRAZIL | Fixed Income | 144.66 |
| country | CHINA | Equity | -293.50 |
| country | CHINA | Fixed Income | 31.49 |
| Country | EGYPT | Equity | 5.08 |
| country | INDIA | Equity | 67.97 |
| country | INDIA | Fixed Income | 30.22 |
| country | ISRAEL | Equity | 9.86 |
| country | JAPAN | Equity | 1325.29 |
| country | JAPAN | Fixed Income | 90.55 |
| country | JAPAN | Mixed Allocation | 11.28 |
| country | KOREA | Equity | 38.63 |
| country | POLAND | Equity | 25.35 |
| country | RUSSIA | Equity | 849.98 |
| country | RUSSIA | Fixed Income | 202.79 |
| country | SOUTH AFRICA | Equity | 5.13 |
| country | SPAIN | Equity | 77.77 |
| Country | TAIWAN | Equity | 81.58 |
| country | TURKEY | Equity | 165.23 |
| country | UNITED KINGDOM | Equity | 881.70 |
| industry | BASIC MATERIALS SECTOR | Equity | -698.89 |
| industry | COMMUNICATIONS SECTOR | Equity | 62.12 |
| industry | ENERGY SECTOR | Equity | 5484.12 |
| industry | ENERGY SECTOR | Mixed Allocation | 0.36 |
| industry | FINANCIAL SECTOR | Equity | 255.63 |
| industry | HEALTH CARE SECTOR | Equity | -107.05 |
| industry | INDUSTRIAL SECTOR | Equity | 388.59 |
| industry | MULTIPLE SECTOR | Equity | 2.48 |
| industry | NATURAL RESOURCES SECTOR | Equity | -12.98 |
| industry | REAL ESTATE SECTOR | Alternative | 1.32 |
| industry | REAL ESTATE SECTOR | Equity | -24.38 |
| industry | TECHNOLOGY SECTOR | Equity | -372.79 |
| industry | UTILITIES SECTOR | Equity | 3.03 |
| region | AFRICAN REGION | Equity | 22.10 |
| region | AFRICAN REGION | Fixed Income | 11.26 |
| region | ASIAN PACIFIC REGION | Equity | 1152.02 |
| region | ASIAN PACIFIC REGION | Fixed Income | 107.85 |
| region | ASIAN PACIFIC REGION | Mixed Allocation | 101.74 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 873.03 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | 65.45 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | 151.93 |
| region | EASTERN EUROPEAN REGION | Equity | 36.18 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 24.07 |
| region | EASTERN EUROPEAN REGION | Mixed Allocation | 0.75 |
| region | EUROPEAN REGION | Equity | 1878.68 |
| region | EUROPEAN REGION | Fixed Income | -241.69 |
| region | EUROPEAN REGION | Mixed Allocation | 2.97 |
| region | LATIN AMERICAN REGION | Equity | -200.15 |
| region | LATIN AMERICAN REGION | Fixed Income | 2.81 |
| region | MIDDLE EAST REGION | Equity | 7.40 |
| region | MIDDLE EAST REGION | Fixed Income | 0.83 |
| region | NORDIC REGION | Equity | 378.27 |
| region | NORTH AMERICAN REGION | Equity | 49.73 |
| region | NORTH AMERICAN REGION | Fixed Income | 130.38 |
| Risk | GOVERNMENT BOND | Alternative | 13.93 |
| Risk | GOVERNMENT BOND | Equity | -0.34 |
| Risk | GOVERNMENT BOND | Fixed Income | 2606.86 |
| Risk | GOVERNMENT BOND | Mixed Allocation | 5.55 |
| Risk | INFLATION PROTECTED | Brazil | 13.93 |
| Risk | INFLATION PROTECTED | Fixed Income | 1261.67 |
| Risk | INFLATION PROTECTED | Mixed Allocation | 11.05 |
| Risk | LONG SHORT | Alternative | -185.89 |
| Risk | LONG SHORT | Equity | -138.14 |
| Risk | LONG SHORT | Fixed Income | 23.86 |
| Risk | LONG SHORT | Mixed Allocation | 0.89 |
| Sector | AGRICULTURE | Commodity | 20.53 |
| Sector | AGRICULTURE | Equity | -1.10 |
| Sector | CONSUMER DISCRETIONARY | Equity | 1274.79 |
| Sector | CONSUMER STAPLES | Equity | -316.18 |
| segment | BRIC | Equity | -6.88 |
| segment | BRIC | Fixed Income | 93.66 |
| segment | DEVELOPED MARKETS | Equity | 570.49 |
| segment | EMEA | Equity | -8.92 |
| segment | EMEA | Fixed Income | 10.06 |
| segment | EMERGING MARKETS | Equity | 212.40 |
| segment | GCC | Equity | 0.62 |
| segment | GCC | Fixed Income | -0.49 |
| segment | GCC | Mixed Allocation | 7.89 |
| segment | MENA | Equity | 2.63 |
| segment | MENA | Fixed Income | 3.79 |
| Size | LARGE-CAP | Equity | 201.48 |
| Size | MID-CAP | Commodity | 0.62 |
| Size | MID-CAP | Equity | -416.84 |
| Size | SMALL-CAP | Equity | 14832.92 |
Source: Midlincoln Research
Fund Aggregates
Chart: Emerging Market Fund Flow Turn Positive
Source: ML
Download file in Power PointEmerging markets fund flow showed 212.4 USD mn of inflow. While Frontier Markets funds showed 0.0 USD mn of inflows.
BRAZIL Equity funds showed 258.5 USD mn of inflow.
BRAZIL Fixed Income funds showed 144.7 USD mn of inflow.
CHINA Equity funds showed -293.5 USD mn of outflow.
CHINA Fixed Income funds showed 31.5 USD mn of inflow.
INDIA Equity funds showed 68.0 USD mn of inflow.
INDIA Fixed Income funds showed 30.2 USD mn of inflow.
KOREA Equity funds showed 38.6 USD mn of inflow.
RUSSIA Equity funds showed 850.0 USD mn of inflow.
RUSSIA Fixed Income funds showed 202.8 USD mn of inflow.
SOUTH AFRICA Equity funds showed 5.1 USD mn of inflow.
TURKEY Equity funds showed 165.2 USD mn of inflow.
COMMUNICATIONS SECTOR Equity funds showed 62.1 USD mn of inflow.
ENERGY SECTOR Equity funds showed 5484.1 USD mn of inflow.
ENERGY SECTOR Mixed Allocation funds showed 0.4 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed 255.6 USD mn of inflow.
REAL ESTATE SECTOR Alternative funds showed 1.3 USD mn of inflow.
REAL ESTATE SECTOR Equity funds showed -24.4 USD mn of outflow.
TECHNOLOGY SECTOR Equity funds showed -372.8 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 3.0 USD mn of inflow.
LONG SHORT Alternative funds showed -185.9 USD mn of outflow.
LONG SHORT Equity funds showed -138.1 USD mn of outflow.
LONG SHORT Fixed Income funds showed 23.9 USD mn of inflow.
LONG SHORT Mixed Allocation funds showed 0.9 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$ |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | 203.37 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | 135.38 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | 123.45 |
| Equity | JPMorgan Funds - Russia Fund is an open-end | 122.65 |
| Equity | Market Vectors Russia ETF is an exchange-traded | 113.48 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Ikra Sicav - Russian Taste is a SICAV incorporated | -0.79 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | 0.00 |
| Fixed Income | AMCFM Fund Russia Bonds is an open-end | 0.07 |
| Fixed Income | VTB Capital Russia & CIS Fixed Income Fund | 0.14 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 1.50 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Chinese | 69.84 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | 68.82 |
| Equity | Deutsche X-trackers Harvest CSI 300 China | 52.14 |
| Equity | ChinaAMC ETF Series - ChinaAMC CSI 300 Index | 46.92 |
| Equity | iShares Asia Trust - iShares FTSE A50 China | 21.01 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | -274.15 |
| Equity | HSBC Global Investment Funds - Chinese | -226.52 |
| Equity | First State Global Umbrella PLC - China | -51.19 |
| Equity | GAM Star plc - China Equity is a UCITS | -36.19 |
| Equity | K China Equity Fund is an open-ended fund | -25.48 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Africa ETF is an exchange-traded | 8.19 |
| Equity | iShares MSCI South Africa UCITS ETF is an | 7.18 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.18 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.18 |
| Equity | The RBS Market Access FTSE/JSE Africa Top40 | 0.18 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | The Lyxor South Africa ETF is a UCITS compliant | -5.47 |
| Equity | The Lyxor South Africa ETF is a UCITS | -5.47 |
| Equity | HSBC MSCI South Africa UCITS ETF is an exchange-traded | 0.16 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.18 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.18 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | 47.34 |
| Equity | Matthews Korea Fund is an open-end fund | 13.14 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | 6.50 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | 5.06 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | 4.13 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Fund, Inc. is a non-diversified, closed-end | -10.18 |
| Equity | Korea Fund, Inc. is a non-diversified, | -10.18 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -9.47 |
| Equity | Fidelity Funds - Korea Fund is an open-end | -6.98 |
| Equity | db x-trackers - MSCI Korea TRN Index | -6.14 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is a | 162.33 |
| Equity | Aberdeen Global - India Equity Fund is | 121.40 |
| Equity | iShares MSCI India ETF is an exchange-traded | 114.34 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | 61.69 |
| Equity | The Lyxor ETF MSCI India is a UCITS compliant | 32.73 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Franklin Templeton Investment Funds - Franklin | -188.29 |
| Equity | India Fund, Inc. is a non-diversified, closed-end | -89.77 |
| Equity | India Fund, Inc. is a non-diversified, | -89.77 |
| Equity | HSBC Global Investment Funds - Indian Equity | -40.12 |
| Equity | db x-trackers CNX Nifty UCITS ETF is a UCITS | -36.80 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey ETF is an exchange-traded | 98.73 |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | 50.60 |
| Equity | The Lyxor ETF Turkey (DJ Turkey Titans 20) | 14.13 |
| Equity | 1.02 | |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.53 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | db x-trackers MSCI Turkey Index UCITS ETF | 0.04 |
| Equity | DJ TURKEY TITANS 20 THEAM EASY UCITS ETF | 0.06 |
| Equity | The RBS Market Access Dow Jones Turkey Titans | 0.12 |
| Equity | HSBC MSCI TURKEY UCITS ETF is an open-end, | 0.53 |
| Equity | 1.02 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Brazil Capped ETF is an exchange-traded | 193.81 |
| Fixed Income | Santander FIC FI Renda Fixa I Credito Privado | 191.64 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 16.32 |
| Equity | JPMorgan Funds - Brazil Equity is an open-end | 16.05 |
| Equity | BNY Mellon Global Funds PLC - Brazil Equity | 15.23 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | -47.44 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | -10.33 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -10.27 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -4.35 |
| Equity | NEXT FUNDS Ibovespa Linked Exchange Traded | -4.34 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Australia ETF is an exchange-traded | 116.26 |
| Fixed Income | 43.92 | |
| Equity | iShares MSCI Australia UCITS ETF is an open-end, | 26.66 |
| Equity | Fidelity Funds - Australia Fund is an open-end | 26.23 |
| Equity | Fidelity Funds - Australia Fund is an open-end | 26.18 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Australia Equity Fund, Inc. is a | -1.77 |
| Equity | Aberdeen Australia Equity Fund, Inc. is | -1.77 |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | -0.46 |
| Mixed Allocation | Commonwealth Australia/New Zealand Fund | -0.25 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | -0.14 |
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