Fund Flow Weekly Summary
Core Content
This document provides an overview of global and regional fund flows for the week of November 19–25, 2015. It highlights the divergence in equity and bond fund movements in anticipation of central bank meetings in the US and Europe. The summary includes key data on net flows, asset amounts, and market weightings for various regions and countries.
Main Points
- Risk aversion eased slightly but remained prevalent in emerging markets (EMs).
- Equity and bond fund movements diverged globally, with equity funds turning net positive for the first time in two weeks and bond funds continuing to experience outflows.
- Emerging market equity (EM) fund flows remained net negative for a fourth consecutive week, with losses slightly declining compared to the previous week.
- Asia ex Japan experienced net outflows, though the amount decreased from the prior week. Investors in the region remained risk averse.
- Latin America and Middle East/Africa equity fund inflows remained flat.
- Bond fund flows were weak globally, with North America and Europe continuing to see net outflows.
- Domestic funds faced redemption pressure for the fourth consecutive week, but outflows were limited.
- Institutional investors were net buyers for the second consecutive week, but their inflows were expected to be limited due to the wait-and-see attitude ahead of central bank meetings.
Key Information
Global Equity-Type Fund Flows (USDm)
| Region |
Last Week |
4-Week Average |
Ytd Amount |
Assets |
Ytd Change |
| GEM |
(728) |
(578) |
(24,396) |
384,964 |
(12.7) |
| Asia ex Japan |
(911) |
(1,270) |
(34,880) |
346,531 |
(7.1) |
| Latin America |
94 |
40 |
(6,116) |
18,619 |
(38.7) |
| EMEA |
79 |
(36) |
(2,064) |
34,221 |
(6.4) |
| Global |
(416) |
1,192 |
54,100 |
1,488,793 |
6.9 |
| Asia Pacific |
(416) |
57 |
56,210 |
371,835 |
32.2 |
| Western Europe |
1,199 |
1,793 |
113,036 |
1,085,143 |
18.8 |
| North America |
2,529 |
94 |
(126,346) |
3,973,689 |
1.0 |
| DMs: subtotal |
2,896 |
3,136 |
96,999 |
6,919,459 |
6.1 |
| Total (A+B) |
1,430 |
1,292 |
29,545 |
7,703,795 |
4.0 |
Global Bond-Type Fund Flows (USDm)
| Region |
Last Week |
4-Week Average |
Ytd Amount |
Assets |
Ytd Change |
| GEM |
(651) |
(1,099) |
(20,651) |
169,095 |
(12.7) |
| Asia ex Japan |
(60) |
(79) |
2,225 |
61,643 |
133.5 |
| Latin America |
(203) |
(87) |
(1,965) |
14,926 |
(20.2) |
| EMEA |
(3) |
(3) |
(673) |
8,788 |
75.0 |
| Global |
(447) |
(388) |
(2,477) |
669,847 |
18.7 |
| Asia Pacific |
20 |
57 |
1,515 |
41,051 |
7.4 |
| Western Europe |
(1,319) |
(192) |
12,166 |
582,629 |
5.7 |
| North America |
(1,998) |
(963) |
91,650 |
2,037,177 |
7.2 |
| DMs: subtotal |
(3,744) |
(1,536) |
102,855 |
3,330,704 |
5.7 |
| Total (A+B) |
(4,661) |
(2,804) |
81,791 |
3,585,157 |
5.6 |
Foreign Net Flows in Equities into and Out of Asia
| Country |
Last Week (USDm) |
2 Weeks Ago (USDm) |
3 Weeks Ago (USDm) |
4 Weeks Ago (USDm) |
Cumulative Net Flows (USDm) |
| Korea |
(510) |
(290) |
(466) |
187 |
(1,339) |
| Japan |
n/a |
n/a |
n/a |
n/a |
0 |
| Taiwan |
57 |
(726) |
(1,432) |
1,367 |
(931) |
| Thailand |
(18) |
(209) |
(88) |
(57) |
(532) |
| India |
(65) |
(546) |
(17) |
(175) |
(757) |
| Indonesia |
(9) |
(54) |
(109) |
(12.1) |
(328) |
| Philippines |
(33) |
(239) |
(352) |
(352) |
(154) |
Domestic Fund Flows
| Type |
Last Week (USDm) |
4-Week Average (USDm) |
Ytd Amount (USDm) |
Assets (USDm) |
Ytd Change (%) |
| Domestic-invested |
(10) |
(186) |
(1,547) |
59,628 |
(0.8) |
| Overseas-invested |
(41) |
(9) |
890 |
15,380 |
7.5 |
| Mixed-type |
(85) |
(100) |
1,587 |
39,080 |
2.9 |
Top 10 Stocks Net Bought by Investor Types
Foreign Investors
| Company |
Market Cap (KRWb) |
Weekly Net Buying (Value) |
Weekly Net Buying (% of Mkt Cap) |
| LG Display |
9,196 |
98.0 |
1.1 |
| Amorepacific |
24,114 |
72.1 |
0.3 |
| LG Household & Health Care |
16,024 |
62.9 |
0.4 |
| Hanwha Chemical |
4,162 |
31.5 |
0.8 |
| Samsung SDI |
8,527 |
30.0 |
0.4 |
| Korea Aerospace Industries |
8,227 |
26.4 |
0.3 |
| BGF Retail |
4,323 |
29.7 |
0.7 |
| SK Hynix |
23,296 |
18.6 |
0.1 |
| KT |
7,781 |
18.1 |
0.2 |
| Hansol Technics |
638 |
17.2 |
2.7 |
Local Institutional Investors
| Company |
Market Cap (KRWb) |
Weekly Net Buying (Value) |
Weekly Net Buying (% of Mkt Cap) |
| SK Hynix |
23,296 |
101.6 |
0.4 |
| Samsung Electronics |
195,466 |
53.3 |
0.0 |
| Hanmi Pharmaceutical |
8,451 |
52.9 |
0.6 |
| Samsung C&T |
28,833 |
47.5 |
0.2 |
| Posco |
14,909 |
45.4 |
0.3 |
| Samsung Fire & Marine |
14,923 |
41.1 |
0.3 |
| SK Innovation |
12,205 |
41.0 |
0.3 |
| LG Chem |
21,273 |
38.1 |
0.2 |
| Naver |
20,832 |
35.2 |
0.2 |
| SK |
19,419 |
32.1 |
0.2 |
Summary
The report highlights the following:
- Global equity fund flows turned net positive for the first time in two weeks, driven by North America and developed markets (DMs).
- Bond fund flows remained weak, with continued outflows in North America and Europe.
- Emerging market equity (EM) fund flows remained negative, though losses decreased slightly.
- Asian markets, particularly Korea, saw net outflows from foreign investors, but the amount decreased from the previous week.
- Domestic investors continued to experience outflows, but the trend was limited.
- Institutional investors remained net buyers, but the inflow was expected to be limited due to the wait-and-see attitude before central bank meetings.
- Specific stocks in Korea were net bought by both foreign and local institutional investors, with SK Hynix and LG Display being the top choices.
