20151026-三星证券-Equity_bond_funds_see_inflows_for_second_straight_week_12页_1mb

Fund Flow Weekly Summary

Core Content Overview

This document provides a detailed analysis of global and regional fund flows for the week of October 15–21, 2015, focusing on equity and bond funds, as well as foreign and domestic investment trends in Asian markets, particularly Korea. It includes data on net inflows and outflows, asset under management (AUM), and the relative weightings of investments.

Main Points

1. Global Fund Flows

• Equity-type funds saw a net inflow of USD5,118 million for the week, marking the second consecutive week of inflows.
• Bond-type funds experienced a net inflow of USD3,806 million, also the second consecutive week of inflows.
• Developed Markets (DMs) had a cumulative net inflow of USD4,651 million, with strong performance in North America and Western Europe.
• Emerging Markets (EMs) faced a net outflow of USD801 million, primarily due to uncertainties in economic conditions and the start of 3Q earnings season.
• Asia ex Japan was a notable performer with USD577 million net inflow, while China and emerging Asia attracted USD661 million and USD577 million, respectively.

2. Domestic Fund Flows

• Korea saw a net inflow of USD141.2 million in domestic equity-type funds, which was the first time in two weeks.
• Domestic ETFs experienced a two-week cumulative inflow of KRW692 billion, offsetting a two-week outflow of KRW676 billion from non-ETFs.
• Local institutional investors showed a net inflow of USD81 million, with continued investment in ETFs.

3. Foreign Investor Flows

• Foreign investors had a net outflow of USD120 million in Korea, marking the second consecutive week of selling.
• In Asia, foreign investors were net sellers in most markets, with notable exceptions such as China and emerging Asia.
• Japan, Taiwan, and Thailand saw negative net flows, while India and Indonesia had positive inflows.

4. Top Stocks by Investor Type

• Foreign investors showed net buying in several Korean stocks, including LG Electronics, Samsung Electro-Mechanics, and LG Corporation.
• Local institutional investors also had significant net buying in stocks such as Samsung Electronics, LG Corporation, and Posco.

Key Information

5. Regional Breakdown

• DMs:

  • Equity funds: Net inflow of USD4,651 million, with notable inflows in Asia Pacific (USD1,089 million), Western Europe (USD1,624 million), and North America (USD1,214 million).
  • Bond funds: Net inflow of USD3,429 million, driven by North America and Western Europe.

• EMs:

  • Equity funds: Net outflow of USD468 million, with only Asia ex Japan seeing a net inflow of USD577 million.
  • Bond funds: All EM funds, except regionally-diversified GEM funds, turned to net outflows.

6. Market Trends

• Kospi rebound led to increased profit-taking in equity-type funds, while ETFs attracted more capital.
• Korea experienced a shift in foreign net flows, with a net outflow of USD120 million in the last week and a cumulative outflow of USD288 million over the past month.
• Kospi 200 and MSCI Korea showed net buying in various stocks, with foreign and local investors showing different preferences.

Conclusion

The document highlights the ongoing inflow trends in developed markets, particularly in equity and bond funds, driven by improved sentiment and solid performance. Emerging markets, however, faced net outflows due to economic uncertainties and the start of earnings season. In Korea, domestic funds saw inflows, with ETFs being a major beneficiary, while foreign investors continued to sell, indicating a cautious stance on the market. The top stocks for net buying varied by investor type, showing a preference for large-cap and industrials.