20151109-三星证券-EMs_see_exit_on_eased_risk_appetite_12页_1mb

Fund Flow Weekly Summary

Core Content

This document provides a detailed analysis of global and regional fund flows for the week of October 29–November 4, 2015. It highlights the performance of equity and bond-type funds in different regions, including Emerging Markets (EMs), Developed Markets (DMs), and specific countries like South Korea, Japan, and others in Asia and Latin America. The report also includes insights into the top stocks net bought by foreign and local institutional investors in the Korean market.

Main Points

Global Fund Flows

• Equity-type funds experienced a weakening in global fund inflows, with North America turning to a net outflow for the first time in three weeks.
• Emerging Markets (EMs) saw a net outflow for the first time in three weeks, driven by a decline in risk appetite due to the possibility of a December US rate hike.
• Asia ex Japan was the largest net outflow region, with China and Korea contributing significantly to the outflow.
• Western Europe saw a net inflow increase, while North America had a small net outflow.
• Global equity-type funds had a net inflow of USD231m, while DM equity-type funds had a net inflow of USD3,143m.

Bond-type Funds

• EM bond-type funds suffered net outflows across the board, with Regionally-diversified GEM funds experiencing a weekly outflow of USD932m.
• Latin America bond-type funds have seen net outflows since August due to weak currencies and political instability.
• DM bond-type funds also had a decline in net inflow, but Western Europe and North America saw an increase in net inflows.
• Global bond-type funds had a net inflow of USD330m, while DM bond-type funds had a net inflow of USD3,538m.

Domestic Fund Flows

• Domestic equity-type funds turned to a net outflow for the first time in two weeks, with a loss of KRW275.1b, the highest weekly loss since June.
• Domestic bond-type funds saw a surge in net inflow, with KRW1.27t flowing into these funds.
• ETFs experienced their first net outflow in three weeks, while non-ETFs saw a net inflow.

Regional Fund Flows

• Asia ex Japan had a net outflow of USD893m, with significant outflows from China and Korea.
• Latin America had a net outflow of USD36m, with Brazil showing a net inflow and others like Mexico and Colombia seeing net outflows.
• EMEA had a net outflow of USD65m, with Russia, Turkey, and South Africa all experiencing net outflows.

Key Information

Net Flows by Region (Equity-type)

• GEM: Net outflow of USD1,185m, with a 4-week average of USD328m.
• Asia ex Japan: Net outflow of USD893m, with a 4-week average of USD284m.
• Latin America: Net outflow of USD36m, with a 4-week average of USD41m.
• EMEA: Net outflow of USD65m, with a 4-week average of USD2m.
• Global: Net inflow of USD231m, with a 4-week average of USD578m.
• Asia Pacific: Net inflow of USD650m, with a 4-week average of USD203m.
• Western Europe: Net inflow of USD2,571m, with a 4-week average of USD2,603m.
• North America: Net outflow of USD309m, with a 4-week average of USD2,358m.

Net Flows by Region (Bond-type)

• GEM: Net outflow of USD1,216m, with a 4-week average of USD396m.
• Asia ex Japan: Net outflow of USD203m, with a 4-week average of USD85m.
• Latin America: Net outflow of USD61m, with a 4-week average of USD88m.
• EMEA: Net outflow of USD20m, with a 4-week average of USD13m.
• Global: Net inflow of USD330m, with a 4-week average of USD295m.
• Asia Pacific: Net outflow of USD31m, with a 4-week average of USD60m.
• Western Europe: Net inflow of USD1,968m, with a 4-week average of USD698m.
• North America: Net inflow of USD1,271m, with a 4-week average of USD2,572m.

Key Stocks Net Bought

MSCI Korea (Foreign Investors)

• Naver (A0354420): Net buying of KRW108.2b, representing 108.2% of market cap.
• LG Chem (A051910): Net buying of KRW46.4b, representing 46.4% of market cap.
• Samsung SDI (A006400): Net buying of KRW65.1b, representing 65.1% of market cap.
• Korea Aerospace Industries (A047810): Net buying of KRW58.6b, representing 58.6% of market cap.
• KCC (A002380): Net buying of KRW44.0b, representing 44.0% of market cap.
• Yuhan (A000100): Net buying of KRW38.8b, representing 38.8% of market cap.
• Hanwha Techwin (A012450): Net buying of KRW35.5b, representing 35.5% of market cap.
• Hankook Tire (A161390): Net buying of KRW34.0b, representing 34.0% of market cap.
• LG Household & Health Care (A051900): Net buying of KRW31.1b, representing 31.1% of market cap.

MSCI Korea (Local Institutional Investors)

• NCsoft (A036570): Net buying of KRW72.8b, representing 72.8% of market cap.
• Hyundai Motor (A005380): Net buying of KRW72.0b, representing 72.0% of market cap.
• Posco (A005490): Net buying of KRW42.3b, representing 42.3% of market cap.
• Hyundai Mobis (A012330): Net buying of KRW38.9b, representing 38.9% of market cap.
• Kia Motors (A000270): Net buying of KRW34.3b, representing 34.3% of market cap.
• LG Corporation (A003550): Net buying of KRW20.8b, representing 20.8% of market cap.
• LG Electronics (A066570): Net buying of KRW18.7b, representing 18.7% of market cap.
• Mirae Asset Securities (A037620): Net buying of KRW11.0b, representing 11.0% of market cap.
• Korea Kumho (A011780): Net buying of KRW12.0b, representing 12.0% of market cap.

Summary of Trends

• The weakening of global fund inflows is attributed to the FOMC meeting and the likelihood of a December rate hike.
• EMs and Asia ex Japan experienced net outflows, with China and Korea being the largest contributors.
• Domestic equity-type funds saw a net outflow, while domestic bond-type funds had a significant net inflow.
• ETFs experienced a net outflow for the first time in three weeks.
• The Korean market saw increased net buying of certain stocks, especially those with large market caps, by both foreign and local institutional investors.