20160418-三星证券-Equity,_bond_fund_flows_diverge_12页_1mb

Fund Flow Weekly Summary

Core Content

This document provides a detailed analysis of fund flows in equity and bond markets across various regions during the week of April 7–13, 2016. It highlights the divergence in investor behavior between equity and bond funds, as well as the trends in domestic and foreign investments in Asian markets, particularly in Korea.

Main Points

Equity Fund Flows

• Global Equity Funds: Experiencing a net outflow of USD557 million, marking the first net outflow in seven weeks.
• Developed Market (DM) Equity Funds: Overall net outflow of USD6,016 million, with significant outflows in:
  • Asia Pacific: Net outflow of USD2,309 million, mostly due to Japan (USD2,270 million).
  • North America: Net outflow of USD1,152 million.
  • Western Europe: Net outflow of USD1,998 million.
• Emerging Market (EM) Equity Funds: Net inflow of USD242 million, with Asia ex-Japan seeing a smaller net inflow compared to previous weeks.
  • GEM Funds: Sixth weekly net outflow.
  • Asia ex-Japan: Net inflow of USD50 million, but a net outflow of USD5,200 million year-to-date (Ytd).
  • Korea: Net outflow of USD539.1 billion, with KRW470.5 billion withdrawn from ETFs due to uncertainty about the Kospi's direction.

Bond Fund Flows

• Global Bond Funds: Net inflow of USD313 million, with EM bond funds experiencing another net inflow of USD1,635 million.
• Asia ex Japan Bond Funds: Net inflow of USD712 million, the largest since August 2015.
• Safe Assets: Treasury bond funds saw net outflows.
• Domestic Bond Funds: Net inflow of USD770 million, with a net outflow of USD408 million from Money Market Funds (MMF).

Foreign Net Flows in Asia

• Korea: Foreign net inflow of USD156 million last week, with a cumulative net inflow of USD1,660 million over the past month.
• India: Net outflow of USD40.6 million last week, with a cumulative net outflow of USD2,532 million over the past three months.
• Indonesia: Net outflow of USD5.6 million last week, with a cumulative net inflow of USD125 million over the past three months.
• Philippines: Net outflow of USD1.1 million last week, with a cumulative net inflow of USD87 million over the past three months.
• Other Asian Markets: Mixed net flows, with some countries showing inflows and others outflows.

Key Information

Domestic Fund Flows

• Domestic Equity Funds: Sixth consecutive week of net outflow, totaling USD548 million.
• Domestic-invested Funds: Net outflow of USD539 million, with ETFs suffering the most, accounting for USD470.5 billion.
• Overseas-invested Funds: Net outflow of USD9 million.
• Mixed-type Funds: Net inflow of USD40 million.
• Bond-type Funds: Net inflow of USD770 million, with MMF showing a net outflow of USD408 million.

Top Stocks Net Bought

• Kospi 200 - Foreign Investors:

  • Posco: Net buying of KRW85.4 billion (0.4% of market cap).
  • LG Chem: Net buying of KRW64.2 billion (0.3% of market cap).
  • SK Innovation: Net buying of KRW48.3 billion (0.3% of market cap).
  • Samsung Electronics: Net buying of KRW42.2 billion (0.0% of market cap).
  • Kepco: Net buying of KRW38.0 billion (0.1% of market cap).
  • Naver: Net buying of KRW36.6 billion (0.2% of market cap).
  • Hyundai Steel: Net buying of KRW36.2 billion (0.4% of market cap).
  • Korea Zinc: Net buying of KRW26.0 billion (0.3% of market cap).
  • Hanwha Chemical: Net buying of KRW24.7 billion (0.6% of market cap).

• Kospi 200 - Local Institutional Investors:

  • Hyundai Heavy Industries: Net buying of KRW62.8 billion (0.7% of market cap).
  • Kia Motors: Net buying of KRW44.0 billion (0.2% of market cap).
  • Samsung Engineering: Net buying of KRW39.1 billion (1.6% of market cap).
  • Doosan Heavy Industries: Net buying of KRW31.0 billion (1.1% of market cap).
  • GS E&C: Net buying of KRW19.9 billion (1.0% of market cap).
  • Doosan Corporation: Net buying of KRW27.4 billion (1.2% of market cap).
  • Hanwha Chemical: Net buying of KRW25.7 billion (0.6% of market cap).
  • Hyundai Mobis: Net buying of KRW24.3 billion (0.1% of market cap).
  • Shinhan Financial Group: Net buying of KRW23.8 billion (0.1% of market cap).

Summary of Trends

• Equity Funds: Net outflow across all developed markets, with a notable outflow in Asia Pacific (particularly Japan), while emerging markets showed a smaller net inflow.
• Bond Funds: Investors favored higher yield opportunities, leading to net inflows in EM and global bond funds, with EM bond funds showing the most significant inflow.
• Foreign Investment in Asia: Mixed net flows, with Korea showing a slight net inflow, while other markets like India and Indonesia saw net outflows.
• Domestic Fund Flows: Continued net outflow from domestic equity funds, especially from ETFs.
• Top Stocks Bought: Both foreign and local investors showed preference for large-cap companies, with foreign investors favoring Posco, LG Chem, and SK Innovation, while local institutions favored Hyundai Heavy Industries and Samsung Engineering.

Disclaimer

This report is for informational purposes only and should not be construed as investment advice. It does not take into account individual client circumstances, and all data is based on the week of April 7–13, 2016. The information is subject to change and is provided "AS IS." Samsung Securities does not guarantee the accuracy or completeness of the data and disclaims any warranties. Investors should seek independent financial advice before making any investment decisions.