Group 1 - Goldman Sachs' recent report indicates that during the week of August 18 to 22, emerging markets in Asia (excluding mainland China) experienced significant institutional investor sell-offs, with a net sell amount of $4.8 billion [1] - In contrast, the Chinese market saw a reversal with a net inflow of funds, demonstrating strong attractiveness [1] - Data from EPFR shows that as of the end of July, emerging market funds had the highest overweight in Indonesia and Thailand, while the largest increase in allocation was observed in mainland China and India [3] Group 2 - As of July 31, China's share in global actively managed public fund portfolios was 6.6%, which is below the 15% percentile of the past decade and underweight by 320 basis points compared to previous benchmarks [3] - Hedge funds accelerated their net buying of Chinese stocks as of August 20, with the buying speed reaching the fastest pace in the past seven weeks, driven by both long positions and short covering [3] - From August 14 to August 20, the inflow of funds into Chinese stock funds turned positive, with an inflow of $1.2 billion, reversing the outflows of $1.1 billion, $1.2 billion, and $0.7 billion in the preceding weeks [3] Group 3 - Compared to active funds, passive funds acted more swiftly, with five out of the top ten net inflow products among over 130 Asia-Pacific ETFs listed in the US being Chinese ETFs [4] - The iShares MSCI China ETF (MCHI) saw a net inflow of $226 million during the week ending August 21, while the KWEB ETF, tracking the CSI Overseas China Internet Index, had a net inflow of $183 million [4]

资产管理研究机构EPFR数据显示，截至7月底，新兴市场基金对印尼和泰国的超配幅度居前；而在7月，增配幅度最大的市场为中国内地和印度。全球主动 管理公募基金也在7月增加了对中国市场的配置。截至7月底，中国在全球主动管理公募基金组合中的占比为6.6%，虽处于过去10年的15%分位，但仍较此前 基准低配320个基点。 对冲基金方面，截至8月20日，其加速净买入中国股票，买入速度达到过去7周以来最快，且这一趋势由多头和空头平仓共同推动。高盛主经纪商数据显示， 8月以来，中国是对冲基金净买入最多的市场。EPFR和高盛研究部数据同时显示，8月14日至8月20日，中国股票基金资金流入由负转正，当周流入金额达12 亿美元；而此前截至7月30日的一周流出11亿美元，随后两周分别流出12亿美元和7亿美元。 与主动资金相比，被动资金行动更为迅速。根据ETF.com数据，过去一周，美国上市的130多只亚太市场ETF中，资金净流入前十的产品里中国ETF占据五 席。其中，截至8月21日的一周，美国上市亚太ETF为贝莱德旗下安硕iShares发行的MCHI，净流入资金达2.26亿美元，该ETF跟踪MSCI中国指数；紧随其后 的是中金公司旗 ...

What if $1tn moves out of the US and moves into EM equities? While EM asset behaviours recently carry telltale signs of early stage rotation into EM, UBS does not yet see this as a sustained theme (and crucially - this is more because of some reversal of US exceptionalism than anything strong in EM). Nevertheless, in our recent discussions with investors, one of the most frequently broached topics is the prospect of a big wall of capital out of the US finding its way into EM equities. We assess the relative ...

Summary of Emerging Markets Equity Strategy Conference Call Industry Overview - The conference call focuses on the Emerging Markets (EM) equity landscape, highlighting recent trends in fund flows and investment patterns across various regions, particularly India and China. Key Points and Arguments Fund Flows - EM equities experienced outflows of **-$554 million** after previous inflows of **+$379 million** the week prior [1] - Year-to-date (YTD) EM equity flows are at **-$7.1 billion** [1] - Emerging Market (EM) equity funds saw a total of **+$586 million** in ETF subscriptions, contributing to a total of **+$11.2 billion** since January 29 [1] - Non-ETF funds faced outflows of **-$1.1 billion** [1] Regional Insights - **India** reported significant inflows of **+$2.7 billion**, breaking a streak of 14 weeks of outflows [2] - **China** saw inflows of **+$1.2 billion** after three months of sell-offs [2] - Other notable inflows included **Mexico (+$184 million)**, **Poland (+$122 million)**, and **Chile (+$50 million)** [2] - **Korea** had inflows of **+$1.2 billion**, while **Taiwan** recorded marginal inflows of **+$84 million** after four weeks of heavy sell-offs [2] - In contrast, **Brazil** experienced outflows of **-$197 million** after two weeks of inflows [2] - **South Africa** and **Turkey** faced significant outflows of **-$303 million** and **-$444 million**, respectively [2] Performance Metrics - The overall EM equity performance remains under pressure, with a notable decline in flows compared to previous periods [4] - Developed Europe saw strong inflows of **+$3.1 billion**, contrasting with the outflows in the US, which totaled **-$20.3 billion** [4] Market Dynamics - The report indicates a mixed sentiment across different EMs, with some regions showing resilience while others continue to struggle with outflows [2][4] - The data suggests a potential shift in investor sentiment towards India and China, which may present new opportunities for investment [2] Additional Insights - The report emphasizes the importance of monitoring regional fund flows as a key indicator of market health and investor confidence [4] - The analysis includes a detailed breakdown of fund flows by region, highlighting the disparities in investment behavior across different markets [4] Important but Overlooked Content - The report notes that all EM ASEAN countries experienced outflows, indicating a broader regional challenge [2] - The data also highlights the ongoing volatility in the EM space, suggesting that investors should remain cautious and vigilant [4] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state of the Emerging Markets equity landscape and the implications for future investment strategies.