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Free AccessJPM: EM Equity Fund Hit Lowest Level Since September 2020
J.P.Morgan note that in the week ending 5 May:
- EM bond flows were +$499mn (+0.09% of weekly AUM, prev. +$648mn); EM equity flows were +$106mn (+0.01% of weekly AUM, prev. +$2.3bn).
- YTD flows to EM bonds and equities: +$32.4bn and +$79.7bn, respectively.
- EM Bond Funds: Overall inflows fell marginally as hard currency bond fund inflows halved (+$300mn), whereas local currency bond fund inflows increased marginally (+$199mn). Net China-related local currency bond fund inflows accounted for +$106mn of the local currency bond fund flow.
- EM Equity Funds: Overall inflows declined substantially to +$106mn (prev. +$2.3bn), the smallest net inflow since September 2020. Within regional equity funds, Asia ex-Japan had its first weekly outflow since the end of August 2020 of -$431mn (prev. +$1.6bn); both EMEA and Latam had marginal outflows too (-$27mn and -$114mn, respectively).
- Global Cross-Asset Funds: US HG inflows increased to the highest level since August 2020 (+$7.7bn prev. +$5.1bn), and US HY funds reverted back to inflows after two weeks of outflows (+$389mn prev. -$1.4bn).
- Non-resident EM Portfolio Flows: EM local bonds had outflows (-$185mn prev. +$200mn), as inflows into Indonesia (+$326mn) were offset by outflows in both Hungary (-$356mn) and South Africa (-$154mn). Non-residents net sold EM equities at the largest pace in 6 weeks (-$4.1bn prev. +$559mn), led by Korea (-$1.2bn), Thailand (-$1.1bn), and India (-$754mn).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.