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(U1) Needle Points North


(U1) Holding Onto Gains

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J.P.Morgan note that in the week ending 16 June:

  • "EM bond flows were +$1.5bn (+0.27% of weekly AUM, prev. +$1.8bn); EM equity flows were -$243mn (-0.02% of weekly AUM, prev. +$2.2bn)."
  • "In our EM Client Survey, we recorded +$5.25bn of Q221 strategic flows. Q221 strategic flows were split: +$4.9bn into hard currency and +$350mn into local currency."
  • "YTD flows to EM bonds and equities +$45.6bn and +$89.2bn, respectively."
  • "EM Bond Funds overall inflows decreased as inflows into hard currency bond funds slowed down (+$428mn), while local currency bond fund inflows were unchanged (+$1.1bn). Local currency bond fund inflows were predominately into China-related bond funds (+$1.0bn), the largest weekly inflow since 24 February."
  • "After three weeks of inflows, EM equity funds reverted back to outflows (-$243mn, prev. +$2.2bn). Outflows were concentrated in non-ETFs (-$1.3bn) as ETFs attracted inflows (+$1.1bn). Within regional equity funds, Asia ex-Japan had small outflows (-$6mn, prev. +$863mn); similar to both EMEA and Latam (-$38mn and -$23mn, respectively)."
  • "In terms of non-resident EM Portfolio Flows, EM local bonds had marginal inflows (+$32mn prev. +$2.2bn), as inflows into Indonesia (+$624mn) were offset by outflows across the other recorded countries. Non-residents inflows into EM equities increased (+$2.6bn prev. +$1.8bn), led by Taiwan (+$1.2bn) and Korea (+$703mn)."