新兴市场每周资金流向监测：对冲基金以 7 周来最快速度净买入中国股票；新兴市场基金今年迄今回报为 + 2% 至 + 18%

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Emerging Markets (EM) and specifically highlights the Foreign Institutional Investor (FII) flows in Asia, particularly Taiwan and Korea, as well as the performance of mutual funds in the region. Core Insights and Arguments - FII Outflows: EM Asia ex-China markets experienced significant FII selling amounting to US$4.8 billion week-over-week, primarily driven by Taiwan with US$4.1 billion and Korea with US$0.8 billion in outflows [1][35][40]. - FII Inflows: Conversely, India and Indonesia recorded minor FII inflows of US$0.1 billion each [1][35]. - Global Equity Fund Flows: Global equity funds saw inflows of US$3 billion week-over-week, contrasting with US$26 billion inflows from the previous week. Developed Markets (DM) experienced outflows of US$2.5 billion [5]. - Mutual Fund Performance: A sample of the largest 350 EM and Asian mutual funds achieved year-to-date (YTD) returns of 17-18%, with 65-70% of these funds outperforming their benchmarks in August [6][10]. - Mutual Fund Positioning: EM funds are overweight (OW) in Indonesia and Thailand, while underweight (UW) in Taiwan. Over the past month, exposure to India and China has increased, while Taiwan's exposure has been reduced [12][14]. - Hedge Fund Activity: Hedge funds net bought Chinese equities at the fastest pace in 7 weeks, indicating a shift in sentiment towards Chinese markets [6][14]. Additional Important Insights - Southbound Flows: Southbound flows into Hong Kong saw moderate inflows of US$2.3 billion this week, with a year-to-date total of US$123 billion [5]. - Regional Performance: The EM Asia region (excluding China) has seen a cumulative buying of US$29 billion after significant outflows of US$98 billion that began in July 2024 [33]. - Non-Asia EMs: Non-Asia emerging markets experienced selling of US$290 million week-over-week, led by South Africa with US$270 million in outflows [1][40]. - China's Mutual Fund Allocation: China's active allocation in mutual funds globally increased to 6.6%, remaining underweight by 320 basis points [17][19]. This summary encapsulates the key points from the conference call, providing insights into the current state of FII flows, mutual fund performance, and market positioning within the emerging markets landscape.