Equity Inflows Moderate in DM, Outflows Continue in EM  Citi Research

 Equity Inflows Moderate in DM, Outflows Continue in EM
 7
th week of inflow into equity funds — In the week ended 8/14/2013, bond funds saw
US$1.4bn of outflow, and US$1.3bn of inflow went into equity funds. This was the 7th
week of inflow into equities even though it has slowed from the previous week’s
US$9.6bn. European equity funds were the largest sources of inflows with US$2.3bn,
while US equity funds ended its 6-week outflow streak with an outflow of US$2.1bn.
 US$761mn (0.1%AUM) of outflow from EM — EM Asia funds saw US$588mn of
outflow, within which China funds had the largest outflow at US$241mn. This has been
the 13th week of outflow from China funds. GEM funds, LatAm and EMEA funds all had
moderate outflows.
 Foreigners net sell Japan and Asia— In the week ended 8/14/2013, foreigners sold
US$710mn of Asian equities. The Taiwan stock exchange saw foreigners net sell
US$622mn. Korea, however, had foreigners buying US$215mn of equities. Japan, as
of 8/9/2013, saw the 3rd week of net selling by US$1.1bn, showing some profit taking
by investors after TOPIX rose by 20+% YTD in US$ term..

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