20160201-三星证券-Outflows_abate_12页_1mb

报告摘要

Fund Flow Weekly Summary

Core Content Overview

This document provides a detailed analysis of global and regional fund flows for the week of January 21–27, 2020, focusing on equity and bond funds. It highlights the trends in inflows and outflows across different markets and investor types, including foreign and domestic investors, and offers insights into the top stocks being bought or sold.

Main Points

Outflows Abate, Flight to Safety Sustained

Fund outflows from risky assets decreased due to abating global market uncertainties.
Emerging markets (EMs) continued to experience outflows, while developed markets (DMs) saw net inflows.
The decline in oil prices and uncertainty around the timing of Fed rate hikes influenced the divergence in flows between equity and bond funds in North America.
The European Central Bank (ECB) and Bank of Japan (BoJ) are expected to introduce more stimulus, which may boost risk appetite compared to early 2020 levels.

Equity Fund Flows

Global equity funds saw a net inflow of USD1,340m, with a 0.1% share of AUM.
Asia Pacific had a strong net inflow of USD2,458m, or 0.7% of AUM.
Western Europe had a net inflow of USD363m, or 0.0% of AUM, though this weakened for the second consecutive week.
North America experienced a net outflow of USD3,007m, or 0.1% of AUM, but the volume and pace of outflows have been decreasing.
China and Korea saw net inflows of USD634m and USD615m, respectively, marking a shift in Asian flows.
EMs continued to see outflows for 13 weeks in a row, with Asia ex Japan being the only exception in the region.

Bond Fund Flows

Global bond funds saw a net inflow of USD3,243m, with a 0.5% share of AUM.
North America had the largest net inflow of USD6,715m, or 0.3% of AUM.
Western Europe and Global had net outflows, while Asia Pacific saw a minimal net outflow of USD15m.
DMs (developed markets) had a net inflow of USD1,441m, or 0.0% of AUM.
EMs continued to experience net outflows for three consecutive weeks, though the outflow was minor.

Domestic Fund Flows

Domestic equity funds saw a net inflow of USD775m, or 1.4% of AUM, continuing a third week of growth.
The Kospi index has recovered to above 1,900 points, suggesting that inflows may stabilize in the coming weeks.
ETFs and non-ETFs both saw strong inflows, indicating broad interest in domestic equity investments.

Top Stocks Bought by Investors

MSCI Korea and Kospi 200 showed the top stocks bought by foreign investors and local institutional investors.
LG Chem was the most heavily bought stock by foreign investors, with USD77.1m of net buying.
Posco and Lotte Chemical were top choices for local institutional investors, with significant net buying.
Hyundai Mobis and SK Hynix were also heavily bought by both investor types.

Key Information

Outflows from EMs have persisted for 13 weeks, indicating a sustained flight to safety.
Asia ex Japan turned to net inflows for the first time in twelve weeks, driven by bargain hunters.
Domestic equity funds are attracting inflows due to attractive valuations, even as the Kospi index recovers.
Foreign investors are showing reduced selling pressure in Asian markets.
North America remains a key market for bond fund inflows, while Western Europe and Global bond funds saw outflows.
MSCI Korea and Kospi 200 are used to identify the top stocks being bought by foreign and local institutional investors.
The document includes charts and tables for visual representation of fund flows and market weightings, sourced from EPFR, KRX, Bloomberg, and Samsung Securities.

Summary Table of Key Fund Flows

Region	Net Flow (USDm)	% of AUM	Ytd Amount (USDm)	% of AUM
Global Equity	1,340	0.1	2,993	0.1
Asia ex Japan	761	0.3	(527)	0.0
Latin America	(5)	0.0	(100)	0.1
EMEA	(80)	0.3	(232)	0.2
EMs Subtotal	(1,201)	0.2	(5,479)	0.2
Asia Pacific	2,458	0.7	8,220	0.6
Western Europe	363	0.0	2,175	0.1
North America	(3,007)	0.1	(32,145)	0.2
DMs Subtotal	1,155	0.0	(18,757)	0.1
Total	(46)	0.0	(24,236)	0.1

Region	Net Flow (USDm)	% of AUM	Ytd Amount (USDm)	% of AUM
Global Bonds	(3,243)	0.5	(6,792)	0.3
Asia ex Japan	(291)	0.5	77	0.0
Latin America	(61)	0.5	49	0.1
EMEA	(41)	0.5	(50)	0.2
EMs Subtotal	(731)	0.3	(3,100)	0.3
Asia Pacific	(15)	0.0	3	0.0
Western Europe	(2,015)	0.3	(2,650)	0.1
North America	6,715	0.3	15,991	0.2
DMs Subtotal	1,441	0.0	6,552	0.0
Total	710	0.0	3,452	0.0

Conclusion

The document outlines a shift in global fund flows towards developed markets, particularly North America, while emerging markets continue to face outflows. The Korean market showed a notable turnaround with net inflows, driven by domestic investors and a recovering Kospi index. Both foreign and local institutional investors are showing increased interest in specific stocks, indicating a potential recovery in investor confidence.

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