20151012-三星证券-Equity_and_bond_fund_outflows_ease_12页_1mb

Fund Flow Weekly Summary

Core Content

This document provides a detailed analysis of fund flows for the week of October 1–7, 2015, focusing on equity and bond fund movements across different regions. It highlights the easing of outflows from emerging markets (EMs) and developed markets (DMs), with specific emphasis on Asia, particularly South Korea, and other key regions.

Main Points

Equity Fund Flows

• Global Equity Fund Flows: Net inflows of USD1,356 million, with a 4-week average of USD-131 million. YTD flows are USD47,249 million.
• Asia Pacific: Net outflows of USD-2,056 million, with a 4-week average of USD909 million. YTD flows are USD55,820 million.
• Western Europe: Net inflows of USD1,962 million, with a 4-week average of USD1,711 million. YTD flows are USD98,023 million.
• North America: Net outflows of USD-5,024 million, with a 4-week average of USD1,042 million. YTD flows are USD-136,461 million.
• DMs Subtotal: Net outflows of USD-3,763 million, with a 4-week average of USD3,532 million. YTD flows are USD64,631 million.
• EMs Subtotal: Net outflows of USD-529 million, with a 4-week average of USD-1,119 million. YTD flows are USD-62,573 million.
• Overall Total: Net outflows of USD-4,292 million, with a 4-week average of USD2,413 million. YTD flows are USD2,057 million.

Bond Fund Flows

• Global Bond Fund Flows: Net inflows of USD-2,840 million, with a 4-week average of USD-1,533 million. YTD flows are USD-1,775 million.
• Asia Pacific: Net inflows of USD28 million, with a 4-week average of USD-22 million. YTD flows are USD1,694 million.
• Western Europe: Net outflows of USD-768 million, with a 4-week average of USD-860 million. YTD flows are USD12,110 million.
• North America: Net inflows of USD1,844 million, with a 4-week average of USD273 million. YTD flows are USD86,485 million.
• DMs Subtotal: Net outflows of USD-1,736 million, with a 4-week average of USD-2,142 million. YTD flows are USD98,513 million.
• EMs Subtotal: Net outflows of USD-661 million, with a 4-week average of USD-1,012 million. YTD flows are USD-15,620 million.
• Overall Total: Net outflows of USD-2,397 million, with a 4-week average of USD-3,154 million. YTD flows are USD-82,893 million.

EM Fund Flows

• EM Fund Flows: Improved week-over-week due to expectations of a less likely Fed rate hike and ECB easing.
• China: Limited flows during National Day Golden Week.
• Asia ex Japan: Flat outflows.
• GEM Funds: Declined to USD54 million.
• Middle East and Africa: Mild net inflows for three consecutive weeks.
• EMs Subtotal: Net outflows of USD-529 million.

Domestic Fund Flows

• Korea: Limited inflows due to Chuseok holidays.
• Domestic Equity Funds: Inflows eased since late September.
• Overseas Equity Funds: Continued to attract limited inflows.
• Kospi 200: Top stocks net bought by foreign and local institutional investors include Samsung Electronics, Naver, SK Hynix, S-Oil, and others.

Key Information

Regional Trends

• Asia ex Japan: Net inflows of USD574 million last week, with a 4-week average of USD767 million. YTD flows are USD31,829 million.
• Latin America: Net inflows of USD69 million last week, with a 4-week average of USD40 million. YTD flows are USD6,147 million.
• EMEA: Net inflows of USD168 million last week, with a 4-week average of USD23 million. YTD flows are USD-1,977 million.
• Korea: Net outflows of USD-181.9 million last week, with a 4-week average of USD-101.0 million. YTD flows are USD-2,618.4 million.
• Japan: Net outflows of USD-2.04 billion last week, the most since November 2014.

Weekly Net Flows and Relative Weightings

• Foreign Investor Net Flows vs Relative Weightings: Show the relative impact of foreign investments on the market.
• Domestic Institutional Net Flows vs Relative Weightings: Highlight the influence of local institutional investors.

Top Stocks Bought

• MSCI Korea: Foreign investors net bought Samsung Electronics, Naver, SK Hynix, S-Oil, KT, and others.
• Kospi 200: Local institutional investors net bought SK Innovation, Daelim Industrial, Korea Kumho, and others.

Disclaimers

• This report is for informational purposes only and does not constitute investment advice.
• It does not take into account individual client circumstances.
• The information is provided "AS IS" and is not guaranteed for accuracy or completeness.
• Samsung Securities disclaims any warranties, including merchantability or fitness for a particular purpose.
• Investors should seek independent financial advice before making any investment decisions.