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1、GEMsfundsflowsMULTI-ASSETGLOBALEMERGINGMARKETSAppetiteforEMriskremainsstrongNetinflowstoEMequityfundssurgeLastweek’sequityflowsBertrandDelgadoDirector,SeniorGEMsMulti-AssetStrategistFavourableexternalanddomesticconditionsinEMcontinuetoattractinvestorstotheassetHSBCSecuri
2、ties(USA)Inc.bertrand.j.delgado@us.hsbc.comclass,reflectedbysolidcapitalflows,astrongperformancey-t-dandconstructivefundsflows+12125250745momentum.WestillseegoodprospectsforEMlocalmarketsasvaluationsarenotKishoreMuktinutalapati*overstretchedandpositioningisnotovercrowded
3、.Moreover,wethinkthecatch-upprocesswillEquityStrategistHSBCSecurities&CapitalMarketsIndiaPvtLtdpersist(fordetailsseeourreportGEMsInvestor:WhyEMismoreresilient,Q32017).kishoremuktinutalapati@hsbc.co.in+918045552756TherewerelargerinflowstoEMfundsthantoDMforthethirdconsecut
4、iveweek,asaJohnLomax*percentageofAUM,intheweekended2August.WithinEMbondfunds,Mexico,Brazil,HeadofGlobalEmergingMarketEquityStrategyThailandandIndiareceivedmostoftheinflowsinUSD,whileIndia,SouthKoreaandFrontierHSBCBankplcjohn.lomax@hsbcib.commarketshadthelargestinflowsasa
5、percentageofAUM.AmongEMequityfunds,South+442079923712Korea,IndiaandChinacapturedthemostinUSD,whileFrontiermarketsandSouthKoreasawthelargestinflowsinAUM.Inflowsintonon-ETFandinstitutionalfundsweresupportedEMIssuerofreport:Source:EPFRGlobal,HSBCHSBCSecurities(USA)Inc.bonds
6、,mainlyEXD,whileETFandinstitutionalfundsboostedequityfunds(p.13).InDM,US,Lastweek’sbondflowsEuropeanandGlobalfundsaddedthemostwithinbondfundsandHYreversedlastweek’sPublished:redemptions.GlobalandEuropeanfundsledinflowstoDMequityfundswhileUSequityfundsUSDbn%AUM04August201
7、7postedoutflowsfortheseventhconsecutiveweek.EMtotal*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsHSBC’searlysignallingsystemhighlightsre-energiseddemandforEMrisk(p.14).Similarly,ByCurrencyEMfundflowsmomentum(p.5
8、)anddispersionindicators(p.8)pointtoanimprovingriskLocalViewHSBCGlobalResearchat:appetite.Dailyfinancia
