J.P.Morgan: EM Bond Fund Inflows Slow Down

J.P.Morgan note that as of the week ending 21 April "YtD flows into EM bonds and equities stood at +$31.3bn and +$77.2bn, respectively. Incorporating March's monthly data results in revisions of -$1.3bn for EM bonds and -$1.2bn for EM equities."

• "For EM bond funds overall inflows more than halved this week as hard currency bond fund inflows slowed materially (+$160mn), whereas local currency bond fund inflows increased marginally (+$302mn). The hard and local currency fund inflows were concentrated in ETFs (+$823mn) while non-ETFs had outflows (-$361mn)."
• "For EM equity funds overall inflows fell to +$1.2bn (prev. +$3.0bn). Within regional equity funds, Asia ex-Japan inflows fell materially to +$210mn (prev. +$1.7bn); EMEA had outflows (-$69mn); and Latam had inflows (+$101mn)."
• In terms of "non-resident EM portfolio flows, EM local bonds had outflows (-$266mn, prev. +$603mn), led by South Africa (-$267mn) and Hungary (-$159mn) which offset inflows in Indonesia (+$124mn) and India (+$36mn). Non-residents net outflows from EM equities increased (-$1.2bn, from -$419mn), led by Korea (-$891mn) and India (-$526mn) which offset inflows into Brazil (+$488mn)."