20150727-三星证券-Fund_Flow_Weekly_13页_552kb

Fund Flow Weekly Summary

Core Content

This report provides an overview of global and regional fund flows for the week of July 16-22, focusing on equity-type and bond-type funds, as well as foreign and domestic investment trends in Asia and Korea.

Main Points

1. Global Equity-Type Fund Flows

• Global Equity-Type Fund Flows:
  • Global equity-type funds saw a net inflow of USD1.725 billion, with a 4-week average of USD7.537 billion.
  • Developed Markets (DMs) experienced a net inflow of USD5.024 billion, while Emerging Markets (EMs) saw a net outflow of USD3.3 billion.
  • DMs:
    • Western Europe: Net inflow increased to a post-February high.
    • North America: Net outflow of USD3.662 billion, marking the first net loss in two weeks.
    • Asia-Pacific: Net outflow of USD365 million, the first since February.
  • EMs:
    • Net losses occurred across all regions, with the most significant outflows in Asia ex Japan (especially China) and Latin America.
    • China had a net outflow of USD2.814 billion, while India saw a net inflow of USD156 million.

2. Global Bond-Type Fund Flows

• Global Bond-Type Fund Flows:
  • Global bond-type funds attracted a net inflow of USD5.544 billion, with a 4-week average of USD3.28 billion.
  • EMs:
    • Net inflow of USD237 million, with Asia ex Japan showing the strongest inflow.
  • DMs:
    • North America had the largest net inflow of USD3.796 billion.
    • Western Europe: Net inflow of USD1.284 billion.
    • Bond-type funds in DMs showed a net inflow of USD5,307 billion, with the largest portion in North America.

3. Foreign Investors' Activity in Asia

• Foreign Investors' Net Flows in Asia:
  • Foreign investors net sold KRW780 billion (approximately USD680 million) in non-arbitrage trading on the Kospi, reaching a post-2013 high.
  • Net flows into and out of Asian equities were mixed, with Korea attracting more inflows than other EMs.
  • Key Observations:
    • Korea: Net inflow of KRW597 billion (USD515 million) last week, but net outflow of KRW3 billion (USD2.6 million) four weeks ago.
    • Japan: No data available.
    • Taiwan: Net outflow of KRW7.6 billion (USD6.7 million) last week.
    • Thailand: Net inflow of KRW27.3 billion (USD2.4 million) last week.
    • India: Net inflow of KRW156 billion (USD13.5 million) last week.
    • Indonesia and Philippines saw net outflows.
  • Cumulative net flows over the past year showed mixed results, with some countries experiencing significant inflows and others outflows.

4. Domestic Fund Flows

• Domestic Fund Flows:
  • Domestic equity-type funds saw a net inflow of KRW261 billion, with a 4-week average of KRW428 billion.
  • Domestic-invested funds had a net inflow of KRW149 billion, while overseas-invested funds had a net outflow of KRW112 billion.
  • Mixed-type funds saw a net outflow of KRW171 billion.
  • Bond-type Funds:
    • Net inflow of KRW915 billion, with a 4-week average of KRW374 billion.
    • MMF (Money Market Funds) saw a net outflow of KRW543 billion.

5. Major Investors in Korea

• Major Investors in Korea:
  • Foreign Investors:
    • Net outflow of KRW780 billion (USD680 million) on the Kospi.
    • Top stocks net bought: LG Corporation (KRW42.2 billion, 0.5% of market cap), Hotel Shilla (KRW37.4 billion, 0.7% of market cap), Hyundai E&C (KRW26.2 billion, 0.6% of market cap), Daelim Industrial (KRW16.4 billion, 0.6% of market cap), and S-Oil (KRW17.1 billion, 0.3% of market cap).
  • Local Institutional Investors:
    • Net outflow of KRW370 billion.
    • Top stocks net bought: LG Chem (KRW78.1 billion, 0.4% of market cap), AmoreG (KRW46.0 billion, 0.3% of market cap), Samsung Electronics (KRW36.1 billion, 0.0% of market cap), Kia Motors (KRW34.2 billion, 0.2% of market cap), and Samsung SDS (KRW33.2 billion, 0.1% of market cap).

Key Information

• Investor Sentiment:
  • Developed markets continued to attract inflows, while emerging markets faced outflows, driven by risk aversion and earnings disappointments.
• Kospi Performance:
  • Foreign investors net sold KRW780 billion on the Kospi, indicating a shift in sentiment toward EMs.
• Regional Highlights:
  • Western Europe showed strong net inflows, while Asia-Pacific and North America had mixed results.
• Stock Specific Flows:
  • Key stocks in Korea were net bought by both foreign and local investors, with varying degrees of market cap influence.

Summary Table

Conclusion

The report highlights a shift in investor sentiment, with developed markets continuing to attract inflows while emerging markets face outflows. Foreign investors are increasingly selling Korean equities, but domestic investors remain active in buying. The performance of individual stocks within Korea shows mixed trends, with some companies seeing net inflows and others experiencing outflows. Overall, the data reflects a cautious approach by foreign investors toward emerging markets, with a preference for developed markets and a focus on specific stocks in Korea.