20151005-三星证券-Equity,bond_funds_both_see_outflow_12页_1mb

Fund Flow Weekly Summary (Sep 24 – Sep 30)

Core Content

This report outlines the weekly fund flow trends in global equity and bond funds, with a focus on capital movements across developed markets (DMs), emerging markets (EMs), and Asia. It also includes details on domestic fund flows and highlights the top stocks net bought by foreign and local institutional investors.

Main Points

Global Equity Fund Flows

• Net Outflows: Both equity- and bond-type funds globally experienced net outflows during the week of Sep 24–30.
• Developed Markets (DMs): Equity-type funds saw a sharp increase in net outflows, with global funds losing USD3.69 billion. Asia Pacific and Western Europe, which had previously seen inflows, turned to mild net losses, influenced by the Volkswagen scandal and weak European stock markets.
• Emerging Markets (EMs): All EMs except the Middle East/Africa turned to net losses. Regionally-diversified GEM funds had their first net loss in two weeks. Asia ex-Japan funds saw a contraction in outflows to USD479 million, indicating a slowdown compared to early September levels.
• Domestic Equity Funds: Domestic equity-type funds saw a mild inflow, marking the first inflow in two weeks. The Chuseok holiday (Sep 26–29) limited the flow. The overseas-invested portion of domestic equity funds increased sharply to above 30%, with overseas-invested funds showing inflows for the fifth consecutive week.
• Money Market Funds (MMFs): MMFs experienced massive outflows, attributed to end-month capital execution ahead of the holiday.

Global Bond Fund Flows

• Net Outflows: Bond-type funds faced the largest weekly net outflow since end-August, with North America and Western Europe suffering the most, losing USD2.67 billion and USD1.79 billion respectively.
• Emerging Markets (EMs): EM bond-type funds also saw a significant increase in net outflows, driven by growing uncertainties over US interest rates.
• DMs: Overall, DM bond-type funds had a net outflow of USD5,990 million, with Western Europe and the US being the most affected.

Foreign Net Flows into and out of Asia

• Asia ex-Japan: Foreign net flows were negative at USD479 million, showing a slowdown in exits compared to early September.
• Korea: Foreign net flows were USD277 million, with a mild net inflow. However, the Chuseok holiday reduced overall activity.
• Other Asian Markets: Net flows were mixed across countries like India, Indonesia, and the Philippines, with some showing outflows and others experiencing inflows.

Domestic Fund Flows

• Inflows: Domestic equity-type funds had a mild inflow of USD77 million, with domestic-invested funds gaining USD51 million and overseas-invested funds gaining USD26 million.
• MMFs: MMFs saw a significant outflow of USD8,055 million, likely due to end-month capital execution.

Weekly Net Flows and Relative Weightings

• Foreign Investors: Net flows were influenced by market dynamics and the Chuseok holiday.
• Local Institutions: They showed net buying in certain stocks, indicating some confidence in the market.

Key Information

Top Stocks Net Bought by Foreign Investors (MSCI Korea)

1. LG Chem – USD67.4 billion (67.4% of market cap)
2. Amorepacific – USD46.6 billion (46.6% of market cap)
3. Naver – USD44.3 billion (44.3% of market cap)
4. KT – USD20.4 billion (20.4% of market cap)
5. Hyundai Mobis – USD25.3 billion (25.3% of market cap)
6. Samsung Life – USD19.2 billion (19.2% of market cap)
7. Samsung SDS – USD18.7 billion (18.7% of market cap)
8. Shinhan Financial – USD16.5 billion (16.5% of market cap)
9. Hyundai Glovis – USD14.1 billion (14.1% of market cap)
10. GS Holdings – USD6.9 billion (6.9% of market cap)

Top Stocks Net Bought by Local Institutions (MSCI Korea)

1. Hyundai Motor – USD55.6 billion (55.6% of market cap)
2. Samsung SDI – USD23.7 billion (23.7% of market cap)
3. Hyundai Mobis – USD22.6 billion (22.6% of market cap)
4. Korea Aerospace – USD19.4 billion (19.4% of market cap)
5. LG Corporation – USD17.1 billion (17.1% of market cap)
6. Hyosung – USD15.6 billion (15.6% of market cap)
7. Hyundai Wia – USD11.7 billion (11.7% of market cap)
8. Samsung SDS – USD11.2 billion (11.2% of market cap)
9. Korea Zinc – USD10.2 billion (10.2% of market cap)
10. Hanwha Chemical – USD9.7 billion (9.7% of market cap)

Conclusion

The week of Sep 24–30 saw a significant shift in global fund flows, with both equity and bond funds experiencing net outflows due to global economic uncertainties. Developed markets were particularly affected, while some emerging markets showed a slowdown in outflows. In Asia, foreign investors continued to sell, but the Chuseok holiday limited activity. Domestic equity-type funds saw a mild inflow, and MMFs experienced large outflows. Local institutions, on the other hand, showed net buying in key stocks, indicating some confidence in the market despite the broader outflow trend.