J.P.Morgan: EM Bond Fund Inflows Continue

J.P.Morgan note that in the week ending 14 April "EM bond flows were +$1.3bn (+0.24% of weekly AUM vs. +$1.8bn in the prev. week); EM equity flows were +$3.0bn (+0.20% of weekly AUM vs. +$1.9bn in the prev. week)."

• "YTD flows to EM bonds and equities stand at +$32.1bn and +$77.2bn respectively."
• Overall EM bond inflows were "driven by hard currency bond funds which posted their second consecutive $1bn+ weekly inflow (+$1.1bn), with local currency bond fund flows attracting similar inflows as last week (+$220mn). Net China-related local currency bond fund inflows accounted for +$501mn of the local currency bond fund flow. The inflows were concentrated in non-ETFs (+$832mn); ETFs attracted roughly half of that (+$463mn)."
• Overall EM equity inflows "increased substantially this week (+$3.0bn vs. +$1.9bn in the prev. week). Within regional equity funds, Asia ex-Japan inflows increased (+$1.7bn vs. +$491mn in the prev. week), while EMEA EM and Latin America both had outflows (-$49mn and -$100mn, respectively)."
• Looking to non-resident EM Portfolio Flows, "EM local bonds had inflows (+$366mn, vs. -$227mn in the prev. week), led by Hungary (+$438mn). Non-residents net flows into EM equities were roughly flat (-$90mn vs. +$3.7bn in the prev. week), as inflows into Brazil (+$354mn) and Korea (+$236mn) were offset with outflows from Taiwan (-$360mn) and India (-$133mn)."