高盛：新兴市场每周资金流向监测：外国资金强劲流入，台湾地区领涨；4 月对冲基金在亚洲全面抛售；3 - 4 月欧洲投资者抛售美国股票；上调南下资金预测

Investment Rating - The report raises the Southbound flow forecast from US$75 billion to US$110 billion for 2025, indicating a positive outlook for Southbound investments [7][35][41]. Core Insights - Emerging markets in Asia, excluding China, experienced strong foreign institutional investor (FII) inflows of US$2.8 billion week-over-week, primarily driven by Taiwan [6][44]. - In April, Korea led the regional foreign selling, while domestic institutional flows in India remained robust [7][8]. - Global equity mutual funds saw inflows of US$8 billion week-over-week, with significant outflows from US funds [6][10]. Summary by Sections Foreign Institutional Investor (FII) Flows - EM Asia ex-China markets saw FII buying of US$2.8 billion week-over-week, led by Taiwan (+US$1.7 billion) [6][44]. - Southbound flows recorded US$0.2 billion this week, totaling US$78 billion year-to-date [6][35]. - In April, Korea experienced significant FII selling, while India saw strong domestic institutional inflows [7][8]. Mutual Fund Performance - The largest 350 EM and Asian mutual funds rebounded, posting average returns of 1-4% year-to-date, with EM funds outperforming Asia funds by 3 percentage points [7][8]. - Only 20-40% of the largest Asian/EM funds outperformed their benchmarks in April, below the 10-year average of 55-65% [11][12]. Southbound Flows - Southbound flows have made the strongest start of a year in history, with US$78 billion year-to-date [7][35]. - The report highlights a significant increase in Southbound ownership in the Hong Kong market, indicating growing interest from mainland investors [37][41]. - The top buying stocks in Southbound flows included Meituan Dianping and Akeso, while Tencent and Alibaba saw significant selling [67][71].