20150911-三星证券-More_outflows_from_Ems_and_North_America_Capital_exits_accelerate_in_anticipation_of_Fed_rate_hike_12页_1010kb

Fund Flow Weekly Summary

Core Content

This report provides an overview of global and regional fund flows for the week of September 3–9, 2015, focusing on equity and bond funds. It highlights the impact of anticipated Federal Reserve rate hikes on investor behavior and the resulting net inflows and outflows across different regions and fund types.

Main Points

• Capital Outflows Accelerate: Investors are anticipating a US Federal Reserve rate hike, leading to increased capital outflows from both equity and bond funds.
• Developed Markets (DMs): The first week of the month saw a shift in capital flows, with DMs experiencing net inflows, while Emerging Markets (EMs) continued to face outflows.
• North America and EMs: North America experienced a significant outflow of USD15.78 billion in equity funds, while EMs saw a ninth consecutive week of outflows, which were largely flat compared to the previous week.
• Asia Ex Japan: Asia (excluding Japan) saw solid inflows, but global funds experienced an outflow of USD1.08 billion, reflecting a decline in investment sentiment.
• Korea: Despite two weeks of outflows from foreign investors, domestic-invested equity funds saw 13 consecutive weeks of inflows. Local institutional investors continued to buy domestic stocks.
• Bond Funds: EM bond funds (except Latin America) experienced outflows, while DMs saw overall contractions, with the US being the only exception attracting inflows.
• Foreign Net Flows: Foreign investors net sold Asian equities except for Taiwan, where they saw inflows. The net outflow from Korea was USD605 million last week.
• Top Stocks Bought: The top stocks by value and portion of market cap for both foreign and local institutional investors were highlighted, with companies like Samsung Electronics, Hyundai Motor, and LG Electronics showing significant net buying by local institutions.

Key Information

Global Equity-Type Fund Flows

• Emerging Markets (EMs): Net outflow of USD4.456 billion (0.6% of AUM), with Asia ex Japan, Latin America, and EMEA also experiencing outflows.
• Developed Markets (DMs): Net inflow of USD1.08 billion (0.1% of AUM), with Western Europe and North America showing notable inflows and outflows respectively.
• Global Funds: Net inflow of USD1.764 billion (0.5% of AUM), with Asia Pacific seeing inflows and Western Europe outflows.
• Asia Pacific: Net inflow of USD785 million (0.1% of AUM), with a 4-week average of USD1.042 billion (0.1% of AUM).
• Western Europe: Net outflow of USD15.788 billion (0.4% of AUM), with a 4-week average of USD6.567 billion (0.2% of AUM).
• North America: Net outflow of USD14.318 billion (0.2% of AUM), with a 4-week average of USD5.001 billion (0.1% of AUM).

Global Bond-Type Fund Flows

• EMs: Net outflow of USD855 million (0.3% of AUM), with Asia ex Japan experiencing the largest outflow.
• DMs: Net inflow of USD590 million (0.0% of AUM), with North America attracting the most inflow.
• Asia ex Japan: Net outflow of USD170 million (0.3% of AUM), with a 4-week average of USD647 million (1.0% of AUM).
• Latin America: Net inflow of USD79 million (0.5% of AUM), with a 4-week average of USD16 million (0.1% of AUM).
• EMEA: Net outflow of USD12 million (0.1% of AUM), with a 4-week average of USD20 million (0.2% of AUM).

Foreign Net Flows in Equities

• Korea: Net outflow of USD605 million last week, with a 4-week average of USD530 million.
• Japan: No data available for foreign net flows.
• Taiwan: Net inflow of USD402 million last week.
• Thailand: Net outflow of USD161 million last week.
• India: Net outflow of USD435 million last week.
• Indonesia: Net outflow of USD118 million last week.
• Philippines: Net outflow of USD58 million last week.

Domestic Fund Flows

• Domestic-Invested Funds: Solid net inflows for the 13th consecutive week, with local institutional investors continuing to buy domestic stocks.
• ETFs vs Non-ETFs: ETFs saw a net inflow of USD180 million, while non-ETFs experienced a net inflow of USD179 million.
• Top Stocks Bought by Foreign Investors: Korea Aerospace, Lotte Chemical, and Hanwha Corporation were the top stocks by value, while Hyundai Merchant, Hanwha Corporation, and Hyundai E&C were the top by market cap portion.
• Top Stocks Bought by Local Institutional Investors: Samsung Electronics, Hyundai Motor, and LG Electronics were the top stocks by value, while Hyundai Wia, LG Electronics, and Hyundai Glovis were the top by market cap portion.

Weekly Net Flows and Relative Weightings

• Foreign Investor Weightings: Foreign investors' net flows were compared to the relative weightings of stocks in the MSCI Korea index.
• Local Institutional Weightings: Local institutional investors' net flows were also compared to the relative weightings of stocks in the MSCI Korea index.

Disclaimer

This report is for informational purposes only and does not constitute investment advice. It is not tailored to any individual's specific circumstances, objectives, or needs. The information is provided "AS IS" and Samsung Securities does not guarantee its accuracy or completeness. Investors are advised to seek independent financial advice before making any investment decisions.