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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 23 June "EM bond flows were -$981mn (-0.17% of weekly AUM, prev. +$1.5bn); EM equity flows were +$622mn (+0.04% of weekly AUM, prev. -$243mn)."

  • "YTD flows to EM bonds and equities sit at +$44.6bn and +$89.8bn, respectively."
  • "Overall EM bond fund flows lapsed into outflows for the first time since end-March with outflows across both hard currency bond funds (-$444mn), after four weeks of inflows, and local currency bond funds (-$537mn), which had their largest weekly outflow in nearly a year. Local currency bond fund outflows were split pretty equally across EM ex-China and China-related bond funds, which had their first weekly outflow since 29 April 2020."
  • "Overall EM equity fund flows reverted back to inflows (+$622mn, prev. -$243mn). Inflows into ETFs halved (+$508mn) while non-ETFs reverted back to small inflows (+$114mn). Within regional equity funds, Asia ex-Japan had outflows (-$170mn, prev. -$6mn); similar to both EMEA and Latam (-$92mn and -$225mn, respectively)."
  • "In terms of non-resident EM portfolio flows, EM local bond outflows intensified (-$1.9bn, prev. +$135mn), led by South Africa (-$832mn) and Indonesia (-$664mn). Non-residents net outflows from EM equities were the largest in six weeks (-$3.7bn, prev. +$2.3bn), led by Korea (-$1.2bn), Taiwan (-$1.8bn), and South Africa (-$784mn) which offset the ninth week of inflows in a row into Brazil (+$581mn)."