汇丰银行-新兴市场-股票策略-月度股市资金流动：双低局面-20170831-monthly gems equity flows double underweight-hsbc

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1、MonthlyGEMsEquityFlowsEQUITYSTRATEGYGLOBALEMERGINGMARKETSDoubleunderweightGlobalfundsremainunderweightEMinrelationtotheglobalequitybenchmarksKishoreMuktinutalapati*EquityStrategist,Frontier&EmergingMarketsEquitybenchmarksinturnareunder-representingtheEMregionwithstrongstructur

2、altrendsHSBCSecurities&CapitalMarkets(India)PvtLtdkishoremuktinutalapati@hsbc.co.in+918045552756Thiscreatesacompellinglong-terminvestmentcaseforEMs,inourviewJohnLomax*HeadofGlobalEmergingMarketEquityStrategyHSBCBankplcjohn.lomax@hsbcib.comGlobalequityfundscontinuetorunanunderwe

3、ightpositioninEMsEMsenjoystrongsupportfromstructuraltrendssuchasimproving+442079923712(bottomrightchartonpage12).At517bps,theunderweightpositionisdemographicprofiles,therapidriseofthemiddleincomeclassandanclosetoall-timehighs.Althoughglobalfundmanagershaverecentlyassociatedrisei

4、nconsumption.Forexample,middleclassspendingisIssuerofreport:HSBCBankplcincreasedtheirallocationstoEM,theycouldnotmatchtheriseoftheEMforecasttoriseby194%inEMbetween2016and2030,butbyjust2%inweightintheglobalbenchmarks.TheglobalbenchmarksareinturnDM.Thereisalsoahugedemandforinfrast

5、ructureinEM–theAsianPublished:under-representingthepotentialofEMs.Forinstance,thechartbelowDevelopmentBankestimatesthatdevelopingAsiawillneedtospend31August2017comparesEMshareoftheworldtotalinpopulation,GDPandtrade.ItcanUSD26trnoverthenext15yearstomaintaingrowthmomentum,*Employe

6、dbyanon-USaffiliateofHSBCSecurities(USA)Inc,beseenveryclearlythattheequitybenchmarkrepresentationofEMsiseradicatepovertyandrespondtoclimatechange,whichisaboutandisnotregistered/qualifiedpursuanttoFINRAregulationsrelativelyverylow.USD1.7trnperyear(fordetailsseeourreportAtransform

7、ingAsianViewHSBCGlobalResearchat:middle-classfuture,11July2017).https://www.research.hsbc.comEMs’shareofworldtotal*Thesestrongstructuraldrivers,under-representationinequitybenchmarksPopulationandtheunderweightstanceofglobalfundmanagersallcreateaverycompellinglong-termcaseforEMs.

8、Further,thechangesindriversforEMGDPPPPareredefi