20151116-三星证券-20151116-Samsung_Securities-Funds_keep_flowing_out_of_EMs_12页_1mb

报告摘要

Fund Flow Weekly Summary

Core Content

This report provides an analysis of fund flows into and out of Emerging Markets (EMs) and Developed Markets (DMs) for the week of November 5–11, 2015. It highlights the shift in investor behavior, particularly in response to the anticipated US rate hike in December. The report includes data on global and regional fund flows, both for equity and bond-type funds, as well as insights into domestic and foreign investor activity in specific markets like Korea, India, and others.

Main Points

1. Net Outflows from EMs

EM equity-type funds experienced a net outflow for the week, continuing a trend of investor risk aversion.
Asia ex Japan and Korea were the hardest hit, with significant outflows.
EM bond-type funds saw a net outflow of USD6.367 billion, marking the first net exit in four weeks.

2. Inflows into DMs

DM equity-type funds had a net inflow of USD6,286 million, with North America seeing a net outflow due to concerns over the long-awaited US rate hike.
Global equity-type funds recorded a record-high weekly inflow of USD4.763 billion, driven by strong expectations of a US rate hike.

3. Regional Trends

Asia ex Japan and Korea faced the largest net outflows among EMs.
Western Europe and Latin America had mixed flows, with some net inflows.
EMEA (Europe, Middle East, and Africa) showed net outflows, but not as severe as in Asia.

4. Domestic Fund Flows

Domestic equity-type funds saw a net outflow for two consecutive weeks, driven by foreign risk management and institutional redemptions.
Domestic bond-type funds had a net inflow, as investors preferred safety.

5. ETFs and Non-ETFs

ETFs saw a net outflow for the first time in three weeks.
Non-ETF funds had continued outflows for five weeks.

6. Investor Activity in Korea

Foreign investors showed a net outflow from Korean equity funds, but some companies like Hankook Tire, Yuhan, and Korea Aerospace Industries were net bought.
Local institutional investors increased buying in LG Electronics, Hyundai Motor, and SK Telecom.

Key Information

Global Equity-Type Fund Flows

Global: Net inflow of USD4,763 million (0.3% of AUM)
EMs: Net outflow of USD2,256 million (0.3% of AUM)
DMs: Net inflow of USD6,286 million (0.1% of AUM)
Asia ex Japan: Net outflow of USD1,595 million (0.4% of AUM)
Latin America: Net inflow of USD21 million (0.1% of AUM)
EMEA: Net outflow of USD60 million (0.2% of AUM)

Global Bond-Type Fund Flows

Global: Net outflow of USD353 million (0.1% of AUM)
EMs: Net outflow of USD2,001 million (0.8% of AUM)
DMs: Net outflow of USD4,366 million (0.1% of AUM)
North America: Net outflow of USD3,254 million (0.2% of AUM)

Asia Foreign Net Flows

Korea: Net outflow of USD276 million (0.5% of AUM)
India: Net outflow of USD270.6 million (0.7% of AUM)
Taiwan: Net outflow of USD334.1 million (4.1% of AUM)
Indonesia: Net outflow of USD20.6 million (1.4% of AUM)
Philippines: Net outflow of USD14.0 million (3.1% of AUM)

Top Stocks Bought by Foreign Investors (Kospi 200)

Hankook Tire (KRW 51.3 billion, 0.8% of market cap)
Yuhan (KRW 25.9 billion, 0.8% of market cap)
Korea Aerospace Industries (KRW 39.2 billion, 0.5% of market cap)
Naver (KRW 20.8 billion, 0.1% of market cap)
Samsung SDI (KRW 18.4 billion, 0.2% of market cap)
SK Innovation (KRW 17.2 billion, 0.2% of market cap)
Kia Motors (KRW 15.2 billion, 0.1% of market cap)
Samsung Electro-Mechanics (KRW 9.9 billion, 0.2% of market cap)
LG Household & Health Care (KRW 9.8 billion, 0.1% of market cap)

Top Stocks Bought by Local Institutional Investors (Kospi 200)

LG Electronics (KRW 114.4 billion, 1.3% of market cap)
Hyundai Motor (KRW 49.9 billion, 0.1% of market cap)
SK Telecom (KRW 40.1 billion, 0.2% of market cap)
Samsung Life Insurance (KRW 37.9 billion, 0.2% of market cap)
Samsung Fire & Marine (KRW 35.3 billion, 0.2% of market cap)
Posco (KRW 27.8 billion, 0.2% of market cap)
SK Hynix (KRW 21.5 billion, 0.1% of market cap)
Hyundai Mobis (KRW 19.4 billion, 0.1% of market cap)
LG Chem (KRW 18.6 billion, 0.1% of market cap)

Conclusion

The week's fund flows reflect a shift in investor sentiment toward developed markets due to the anticipation of a December US rate hike, leading to net outflows from EMs and mixed flows within EMs. Korea and Asia ex Japan were particularly affected, with foreign investors reducing their exposure to EM equity funds. Domestic investors, however, continued to show a preference for bond-type funds and specific stocks. The report emphasizes that investor behavior is influenced by market conditions and risk appetite, and it serves as a general market update, not tailored investment advice.