Friday, March 19, 2010

Research Asia/GEMs Equity Strategy , EM Equity Flows $EEM

• EM equity fund recorded net inflow of $1.8bn for the week ended 03/17/10 , with inflows mostly to EM Asia funds (42% of total) and GEMs
funds (32% of the total). At the country level, Russia ($0.25bn) and Hong Kong ($0.23bn) reported strong inflows. YTD EM funds recorded
net inflow of $7.4bn. ETF type funds accounted for 64% of inflows, this week. On a cumulative basis, last 10 weeks brought $3.8bn in net
inflows. Total assets under management tracked by EPFR reached $539bn, now 7% below the all-time high.

• MSCI EM was up 1.2% over the week ending March 18th. Within the broader index MSCI EMEA was up 3.2% and MSCI EM Asia was up by
1.2%, whilst MSCI LatAm was down by 0.5%. MSCI Israel, S. Africa and Mexico indices made a new 52-week high this week. At the country
level, Hungary (+7.3%), Thailand (+6.3%) and South Africa (+6.2%) outperformed, while Chile (-2.2%). Egypt (-1.9%) and Brazil (-1.3%)
underperformed. At the sector level, Consumer Discretionary (+2.0%) and IT(+2.0%) outperformed while Consumer staples (+0.2%) and
Utilities (+0.7%) were relatively resilient.

EM Equity Flows -

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