汇丰银行-新兴市场-投资策略-全球新兴市场股票流动月报-20171031-hsbc-monthly_gems_equity_flows：elementary，my_dear...

《汇丰银行-新兴市场-投资策略-全球新兴市场股票流动月报-20171031-hsbc-monthly_gems_equity_flows：elementary，my_dear...》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、MonthlyGEMsEquityFlowsEQUITYSTRATEGYGLOBALEMERGINGMARKETSElementary,mydear…EMequityfundsfacedsmallredemptionsinthefinalweekofOctoberKishoreMuktinutalapati*EquityStrategist,Frontier&EmergingMarketsWethinkthisisnotindicativeofanystampedeoutofEMequiti

2、esHSBCSecurities&CapitalMarkets(India)PvtLtdkishoremuktinutalapati@hsbc.co.in+918045552756EMattractionsremaininplaceandwehaveaconstructiveoutlookJohnLomax*HeadofGlobalEmergingMarketEquityStrategyHSBCBankplc(UK)EMequityfundssawredemptionsduringthewee

3、kended25October.ButInfact,ourEMeconomistswhoattendedrecentIMF-WBfallmeetingsjohn.lomax@hsbcib.comthisisinthebackdropofstronginflowsthisyear.Nonethelesssomearenotedthatoneofthekeytakeawaysfromdiscussionswastheviewthat+442079923712wonderingwhetherthisc

4、ouldbethestartofa“stampede”outoftheassettheFedpolicyforEMcountrieswasfarlessaconsideration,incontrasttoAseemMadan*class.ForEMequityfundsoverall,thisisthefirstweeklyoutflowsincepastprecedent(fordetailsseeHSBCresearchreportIMF-WBFallAssociateBangalorem

5、id-Augustandthesecondinabout32weeks.Also,sofarthisyear,theMeetings:PositivevibesfromWashington,15October2017).fundgroupsawoutflowsforonlyfiveweeks.ThisrecentweeklyoutflowofIssuerofreport:Evenfromabottom-upperspective,EMequitiesremainattractive.EMHSBC

6、SecuritiesandCapitalMarkets(India)PrivateUSD0.7bnisjustabouthalfoftheaverageweeklyinflowofUSD1.3bncorporateprofitscontinuetoreviveasthemarginsexpandfromveryLimitedthroughtheyear.Intotal,sofarthisyear,USD56bnhasflowedintoEMdepressedlevels.Returnonequi

7、tyisalsoimproving.EquitymarketequitieswhichisstilllittleincomparisonwiththestrongoutflowsoverthePublished:valuationslookappealing–bothinanhistoricalcontextandalsorelativetopreviousfour-yearperiod.Interestingly,whentheEMfundsintotalsaw31October2017the

8、developedworld.EMequitiesremainsizeablyunderownedbyglobaloutflows,theactivefundsandtheretailfundscontinuedtoseeinflows.portfoliomanagers(seebottomrightchartonpage13)inrelationtothe*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,Also,thebroad-mand