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Global debt flows July 2020

1

Global debt flows Weaker dollar not yet impacting core inflows

Core government bond yields are being held down by a benign market discount, but also on evidence of receptive end investor inflows. The inflow process to investment grade corporate duration continues uninterrupted, and high yield has seen resumed inflows following a breather in the previous week. Flows into USD dominates here. There is a similar theme in emerging market where inflows to hard currency continue to drive overall flows, albeit running slower than has been seen into corporate high yield. Cash is also flowing back into money funds.

Graph of the week: Inflows to long end governments and corporates in past month

Source: EPGR Global, ING estimates

Six things learnt from latest flows data 1) Emerging markets are in a better shape than they were a couple of months back, but

even given return inflows, it has not quite made a convincing escape velocity from the Covid-19 driven crisis. That said, inflows to hard currency remain a positive.

2) Local currency funds continue to struggle to attract material inflows. The bulk of the performance and inflows have been in hard currency emerging markets. Ahead, we high beta local currency FX as routes to outperformance as the dollar slips.

3) There has been some re-rating of prospects in high yield. Total returns are still running in the red year-to-date though, especially for EUR high yield. But, inflows have more than matched prior Covid-driven outflows.

4) Core yields remain beaten down. The bulk of this reflects a combination of expectations and central bank buying, but also investor inflows. The dominant flow in the past month has been long end inflows.

5) The dominant theme in corporates has been ongoing inflows. Elevated primary issuance in recent months remains a factor here, as inflows are registered when issuance exceeds redemptions - which it currently does; comfortably.

6) We also note return inflows to money market funds, following outflows in previous weeks – mostly centred on pre and post the US 15 July tax deadline.

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Government Corporate Multi-Product

Short end Belly Long end Total

% AUM PAST MONTH

Padhraic Garvey Regional Head of Research, Americas ING Financial Markets LLC/ING Capital Markets LLC New York +1 646 424 7837 [email protected] View all our research on Bloomberg at RSEP INGX<GO>

Note: The data in this report relies heavily on EPFR Global data and references the week ended July 22nd 2020

Rates and Credit

Economic & Financial Analysis

24 July 2020

Global Debt & Rates

www.ing.com/THINK


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Contents

Global Manager (average) Allocations by Region 3

Emerging markets 4 Emerging Markets – Summary themes ........................................................................................... 5 Emerging market Fund Flows ............................................................................................................ 6 Global EM Manager Asset Allocations .............................................................................................. 7 Regional EM Manager Asset Allocation ........................................................................................... 8 Selected EMEA and Latam Country Flows ...................................................................................... 9 Selected Asia and ME/Africa Country Flows ................................................................................ 10

High Yield 11 High Yield – Summary themes ....................................................................................................... 12

Developed Markets 13 Developed Markets – Summary themes ...................................................................................... 14 Developed Markets Net Fund Flows............................................................................................... 15 Global DM Manager Asset Allocations .......................................................................................... 16 Developed Markets Country Flows ................................................................................................ 17


3

Global Manager (average) Allocations by Region Fig 1 Global allocations for latest month (%) Fig 2 EM allocations for latest month (%)

Source: EPFR Global, ING estimates Source: EPFR Global, ING estimates

Fig 3 EM detailed allocations for latest month (%) Fig 4 EMEA allocations for latest month (%)


Fig 5 Asia EM allocations for latest month (%) Fig 6 Latam allocations for latest month (%)


Fig 7 Developed allocations for latest month (%) Fig 8 Eurozone allocations for latest month (%)


North America, 48.0

Asia Ex-Japan, 2.9Developed Asia, 4.9

Latin America, 3.8

Developed Europe, 29.4

Emerging Europe, 2.5

Africa, …Middle East, 0.7

Other, 0.0 Cash, 3.8Africa, 8.3

Asia Ex-Japan, 23.0

Other, 1.3


Middle East, 12.1

Latin America, 32.4

Brazil, 6.7

Mexico, 7.7

Indonesia, 7.7

Turkey, 3.0

Russia, 4.8

Colombia, 4.1South Africa, 3.6Poland, 2.0

Argentina, 1.4Malaysia, 2.3Hungary, 1.6

Peru, 2.8

China, 4.4

Thailand, 2.0Romania, 1.1

Philippines, 1.6Kazakhstan, 0.9

India, 1.8 Ukraine, 2.1

Chile, 2.7

Dom. Rep., 1.3

Korea (South), 0.5

Venezuela, 0.1

Panama, 1.2Srilanka, 0.6 UAE, 3.5 Cash, 2.6

Turkey, 14.0

Russia, 22.4

South Africa, 17.1Poland, 9.1

Hungary, 7.6

Romania, 5.3

Kazakhstan, 4.0

Ukraine, 10.0

Croatia, 1.8

Serbia, 1.8Lithuania, 0.1

Slovenia, 0.0Azerbaijan, 2.1

Czechrepublic, 3.60.5

0.00.0 0.3 0.1Cash, 0.0

Indonesia, 34.4

Malaysia, 10.2

China, 19.8

Thailand, 9.0

Philippines, 7.0

India, 8.2

Korea (South), 2.4Srilanka, 2.6Hongkong, 1.5

Pakistan, 1.5Singapore, 1.8 Vietnam, 0.7Mongolia, 1.0 Bangladesh, 0.0

Taiwan, 0.1Cash, 3.3

Brazil, 21.4

Mexico, 24.4

Colombia, 13.1

Argentina, 4.4

Peru, 9.0

Chile, 8.6

Dom. Rep., 4.0

Venezuela, 0.2Panama, 3.9

Uruguay, 2.5

Costa Rica, 0.9

Paraguay, 1.9

Jamaica, 1.1

Elsalvador, 1.3

Ecuador, 1.5Guatemala, 1.1

0.1 0.4 Cuba, 0.0Cash, 2.1

USA, 53.1

Euro, 21.0

UK, 8.3

Japan, 4.1Canada, 2.5Australia, 1.4

Sweden, 0.0Switzerland, 0.7Denmark, 0.2Newzealand, 0.0 Norway, 0.5 Cash, 4.4

France, 25.3

Germany, 15.2

Italy, 17.6

Netherlands, 12.5

Spain, 11.4

Belgium, 3.6

Austria, 0.9

Ireland, 3.9

Portugal, 1.2

Finland, 1.0 Greece, 1.10.1 0.0 0.0Slovakia, 0.0 Cash, 1.9


4

Emerging markets


5

Emerging Markets – Summary themes • Inflows to emerging markets continue to be dominated by hard currency buying,

although there has also been a pickup in buying of blend funds in the past week (Figure 10).

• Outflows from local currency funds continues (Figure 12), but at a slower pace in the past week (Figure 10). The weaker dollar, should it continue, is a factor that could change this dynamic in the weeks ahead.

• Overall, emerging markets are seeing inflows, but not especially significant. Still it has been a steady trickle in the past number of months, led by hard currency inflows (Figure 14).

Fig 9 Feature Chart: Mixed flows in recent weeks, but performance has perked up

Source: EPFR Global, ING estimates

• The blue line in the graph above (Figure 9) is a catch-all for cumulative assets under management, in the sense that it captures not just the flows but also the change in valuations, including FX effects (all translated back to USD). The precipitous fall in March captures outflows and falls in price. The subsequent rise was initially more about price than inflows, but hard currency inflows have been a driver of late.

• In terms of allocation, we note a reduced allocation to Romania and S Africa versus an increase in Turkey. Allocation to Kazakhstan is also higher while allocation to Ukraine is up too (Figure 26 vs Figure 27).

• In Asia, allocation to Philippines and China is up while allocation to Indonesia and India is down (Figure 28 vs Figure 29).

• In Latam, allocation to Mexico, Peru, Colombia and Chile is down, while allocation to Brazil and Argentina is up (Figure 30 vs Figure 31).

• In Africa and Middle East allocations to Egypt is down, while allocation to UAE is up (Figure 32 vs Figure 33).

BOTTOM LINE: Emerging markets are in a better shape than they were a couple of months back, but even given return inflows, it has not quite made a convincing escape velocity from the Covid-19 driven crisis. That said, inflows to hard currency remain a positive development, as has been the improved performance in high yield FX. Still local currency funds continue to struggle to attract material inflows. But watch the dollar here, as a persistent weakness should see local currency FX outperform for a change. The bulk of the performance and inflows have been in hard currency emerging markets. Ahead, we see high beta local currency FX as routes to outperformance.

0

100

200

300

400

500

600

-20,000

-15,000

-10,000

-5,000

0

5,000

10,000

EM Hard (all investors) EM Local (all investors) EM Blend (all investors) EM Total (all investors)

$ mi l lion $bn (cumulative AUM)


6

Emerging market Fund Flows Fig 10 Change in the past week (%) Fig 11 Change in the past week (US$m)


Fig 12 Change in the past month (%) Fig 13 Change in the past month (US$m)


Fig 14 Change in the past quarter (%) Fig 15 Change in the past quarter (US$m)


Fig 16 Change in the past year (%) Fig 17 Change in the past year (US$m)


-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.50

0.60

Total Professional Retail

EM Hard Currency Funds EM Local Currency Funds EM Blend Currency Funds Total EM

% AUM PAST WEEK

-400

-200

0

200

400

600

800

1000

1200

1400



$ millions PAST WEEK

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00



% AUM PAST MONTH

-1500-1000

-5000

5001000150020002500300035004000



$ millions PAST MONTH

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00



% AUM PAST QUARTER

-4000

-2000

0

2000

4000

6000

8000

10000

12000



$ millions PAST QUARTER

-25.00

-20.00

-15.00

-10.00

-5.00

0.00



% AUM PAST YEAR

-40000

-35000

-30000

-25000

-20000

-15000

-10000

-5000

0



$ millions PAST YEAR


7

Global EM Manager Asset Allocations Fig 18 GEM allocations for latest month (%) Fig 19 GEM detailed allocations for latest month (%)


Fig 20 GEM allocations one month ago (%) Fig 21 GEM detailed allocations one month ago (%)


Fig 22 GEM allocations one quarter ago (%) Fig 23 GEM detailed allocations one quarter ago (%)


Fig 24 GEM allocations one year ago (%) Fig 25 GEM detailed allocations one year ago (%)


Africa, 8.3

Asia Ex-Japan, 23.0

Other, 1.3


Middle East, 12.1

Latin America, 32.4

Brazil, 6.7

Mexico, 7.7

Indonesia, 7.7

Turkey, 3.0

Russia, 4.8



Peru, 2.8

China, 4.4




Chile, 2.7

Dom. Rep., 1.3

Korea (South), 0.5

Venezuela, 0.1

Panama, 1.2Srilanka, 0.6 UAE, 3.5 Cash, 2.6

Africa, 8.4

Asia Ex-Japan, 22.7

Other, 2.3


Middle East, 11.5

Latin America, 32.4

Brazil, 6.6

Mexico, 7.8

Indonesia, 7.7

Turkey, 2.9

Russia, 5.0



Peru, 2.9

China, 4.4




Chile, 2.8

Dom. Rep., 1.3

Korea (South), 0.5

Venezuela, 0.1

Panama, 1.2Srilanka, 0.5UAE, 3.2 Cash, 2.6

Africa, 8.1

Asia Ex-Japan, 22.4

Other, 4.3


Middle East, 10.2

Latin America, 32.3

Brazil, 7.2

Mexico, 7.2

Indonesia, 7.3

Turkey, 3.6

Russia, 5.1


Argentina, 1.2Malaysia, 2.1Hungary, 1.7Peru, 2.8

China, 4.6



India, 1.9Ukraine, 2.2

Chile, 2.8

Dom. Rep., 1.2

Korea (South), 0.5

Venezuela, 0.2


Africa, 9.5

Asia Ex-Japan, 21.8

Other, 13.3


Middle East, 10.1

Latin America, 33.0

Brazil, 7.2

Mexico, 7.3

Indonesia, 7.7

Turkey, 3.9

Russia, 5.0


Argentina, 2.8Malaysia, 2.2

Hungary, 1.8

Peru, 2.9

China, 3.3




Chile, 2.6

Dom. Rep., 1.2

Korea (South), 0.5

Venezuela, 0.4



8

Regional EM Manager Asset Allocation Fig 26 EMEA allocations for latest month (%) Fig 27 EMEA allocations for previous month (%)


Fig 28 Asia allocations for latest month (%) Fig 29 Asia allocations for previous month (%)


Fig 30 Latam allocations for latest month (%) Fig 31 Latam allocations for previous month (%)


Fig 32 Africa & ME allocations for latest month (%) Fig 33 Africa & ME allocations for previous month (%)


Turkey, 14.0

Russia, 22.4


Hungary, 7.6

Romania, 5.3

Kazakhstan, 4.0

Ukraine, 10.0

Croatia, 1.8

Serbia, 1.8Lithuania, 0.1

Slovenia, 0.0Azerbaijan, 2.1

Czechrepublic, 3.60.5

0.00.0 0.3 0.1Cash, 0.0

Turkey, 13.5

Russia, 23.1


Hungary, 7.3

Romania, 5.5

Kazakhstan, 3.8

Ukraine, 9.6

Croatia, 1.8

Serbia, 2.0

Lithuania, 0.1

Slovenia, 0.0Azerbaijan, 2.2Czechrepublic, 3.5

0.60.00.0 0.3 0.2Cash, 1.0

Indonesia, 34.4

Malaysia, 10.2

China, 19.8

Thailand, 9.0

Philippines, 7.0

India, 8.2


Pakistan, 1.5Singapore, 1.8 Vietnam, 0.7Mongolia, 1.0 Bangladesh, 0.0


Indonesia, 34.7

Malaysia, 10.3

China, 19.5

Thailand, 9.2

Philippines, 6.7

India, 8.4


Pakistan, 1.4Singapore, 1.9Vietnam, 0.7

Mongolia, 1.0Bangladesh, 0.0


Brazil, 21.4

Mexico, 24.4

Colombia, 13.1

Argentina, 4.4

Peru, 9.0

Chile, 8.6

Dom. Rep., 4.0


Uruguay, 2.5

Costa Rica, 0.9

Paraguay, 1.9

Jamaica, 1.1

Elsalvador, 1.3

Ecuador, 1.5Guatemala, 1.1

0.1 0.4 Cuba, 0.0Cash, 2.1

Brazil, 21.0

Mexico, 24.7

Colombia, 13.5

Argentina, 4.2

Peru, 9.2

Chile, 8.8

Dom. Rep., 4.1


Uruguay, 2.1

Costa Rica, 1.0

Paraguay, 2.0

Jamaica, 1.1Elsalvador, 1.2

Ecuador, 1.3Guatemala, 1.2 0.1 0.3

Cuba, 0.0Cash, 0.9

UAE, 24.7

Israel, 7.8

Ivorycoast, 3.0Lebanon, 0.4

Ghana, 6.0Zambia, 0.8Nigeria, 5.1Egypt, 10.6

Kenya, 3.00, 0.0

Gabon, 1.2

Tunisia, 1.1

Namibia, 0.6

Iraq, 1.1Ethiopia, 0.5

Oman, 5.2

0.0Bahrain, 5.1

Rwanda, 0.5Jordan, 1.5

Saudi Arabia, 20.80.5

UAE, 23.7

Israel, 7.8

Ivorycoast, 3.1Lebanon, 0.5

Ghana, 5.7Zambia, 0.5

Nigeria, 5.2Egypt, 12.2Kenya, 3.10, 0.0

Gabon, 1.3

Tunisia, 0.9

Namibia, 0.6

Iraq, 1.4Ethiopia, 0.6

Oman, 5.1

0.0Bahrain, 5.4

Rwanda, 0.5Jordan, 0.9

Saudi Arabia, 20.7 0.5


9

Selected EMEA and Latam Country Flows Fig 34 EMEA – Change in the past week (%) Fig 35 EMEA – Change in the past month (%)


Fig 36 EMEA – Change in the past quarter (%) Fig 37 EMEA – Change in the past year (%)


Fig 38 Latam – Change in the past week (%) Fig 39 Latam – Change in the past month (%)


Fig 40 Latam – Change in the past quarter (%) Fig 41 Latam – Change in the past year (%)


0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4

Czech

Hungary

Kazakhstan

Poland

Romania

Russia

S Africa

Turkey

Ukraine

Total…% AUM PAST WEEK

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

Czech

Hungary

Kazakhstan

Poland

Romania

Russia

S Africa

Turkey

Ukraine

Total…% AUM PAST MONTH

-0.5 0 0.5 1 1.5 2 2.5 3 3.5

Czech

Hungary

Kazakhstan

Poland

Romania

Russia

S Africa

Turkey

Ukraine

Total (Selected EMEA)

% AUM PAST QUARTER

-8 -6 -4 -2 0 2 4

Czech

Hungary

Kazakhstan

Poland

Romania

Russia

S Africa

Turkey

Ukraine

Total (Selected EMEA)

% AUM PAST YEAR

0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3

Argentina

Brazil

Colombia

Mexico

Peru

Venezuela

Total (SelectedLatam)

% AUM PAST WEEK

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

Argentina

Brazil

Colombia

Mexico

Peru

Venezuela


% AUM PAST MONTH

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Argentina

Brazil

Colombia

Mexico

Peru

Venezuela


% AUM PAST QUARTER

-7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0

Argentina

Brazil

Colombia

Mexico

Peru

Venezuela

Total (Selected Latam)

% AUM PAST YEAR


10

Selected Asia and ME/Africa Country Flows Fig 42 Asia – Change in the past week (%) Fig 43 Asia – Change in the past month (%)


Fig 44 Asia – Change in the past quarter (%) Fig 45 Asia – Change in the past year (%)


Fig 46 Middle East & Africa – In the past week (%) Fig 47 Middle East & Africa – In the past month (%)


Fig 48 Middle East & Africa – In the past quarter (%) Fig 49 Middle East & Africa – In the past year (%)


0 0.1 0.2 0.3 0.4 0.5 0.6

China

India

Indonesia

Malaysia

Mongolia

Pakistan

Philippines

S Korea

Thailand

Vietnam

Total…

% AUM PAST WEEK

-0.5 0 0.5 1 1.5 2

China

India

Indonesia

Malaysia

Mongolia

Pakistan

Philippines

S Korea

Thailand

Vietnam

Total (Selected Asia EM)% AUM PAST MONTH

-1 -0.5 0 0.5 1 1.5 2 2.5 3 3.5 4

China

India

Indonesia

Malaysia

Mongolia

Pakistan

Philippines

S Korea

Thailand

Vietnam

Total (Selected Asia EM)% AUM PAST QUARTER

-12 -10 -8 -6 -4 -2 0 2 4

China

India

Indonesia

Malaysia

Mongolia

Pakistan

Philippines

S Korea

Thailand

Vietnam

Total (Selected Asia EM)

% AUM PAST YEAR

0.2 0.2 0.2 0.3 0.3 0.3

BahrainEqyptIsrael

JordanKuwait

LebanonQatar

TunisiaUEA

Total (Selected ME & NA)Ivory Coast

NigeriaTotal (Selected Sub-Sahara)

% AUM PAST WEEK

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

BahrainEqyptIsrael

JordanKuwait

LebanonQatar

TunisiaUEA

Total…Ivory Coast

NigeriaTotal…

% AUM PAST MONTH

-1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5

BahrainEqyptIsrael

JordanKuwait

LebanonQatar

TunisiaUEA



% AUM PAST QUARTER

-8.0 -6.0 -4.0 -2.0 0.0 2.0

BahrainEqyptIsrael

JordanKuwait

LebanonQatar

TunisiaUEA



% AUM PAST YEAR


11

High Yield


12

High Yield – Summary themes • Inflows to high yield picked up again in the past week or so (Figure 56), having

slowed to a trickle for the previous week.

• The bulk of the inflows in a relative sense continue to be into USD high yield, which continues to run at three times the pace of EUR high yield (Figure 59).

Fig 50 USD high yield: Outflows morph to renewed robust inflows, leading the way


Fig 51 EUR high yield: Outflows morph to renewed robust inflows, but more subdued

Source: EPFR Global, ING estimates • The orange line in the graphs above is a catch-all for cumulative assets under

management, in the sense that it captures not just the flows but also the change in valuations, including FX effects (all translated back to USD). The precipitous fall in March 2020 captures the prior outflows and big build in discount to par. The subsequent rise is a reflection of inflows and price appreciation right across the high yield space. The recovery in USD high yield (Figure 50) has been more impressive than that of EUR high yield (Figure 50)

BOTTOM LINE: Not only was there a classic elevation in default risk as economies jumped to a recessionary state, but the collapse in the oil price was an additional stress factor in this space, in particular for US high yield. Hence the prior outflows. However fast forward to the past couple of months and there has been a re-rating of prospects in high yield. Total returns are still running in the red year-to-date, especially for EUR high yield. But, inflows have more than matched prior outflows.

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-15.0

-10.0

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0.0

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US High Yield Weekly Flow $bn (LHS) US High Yield Cumulative AUM $bn (RHS)

$bn (weekly flow) $bn (cumulative AUM)USD High Yield

0

20

40

60

80

100

120

-3.0

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-1.5

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0.0

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1.5

EU High Yield Weekly Flow $bn (LHS) EU High Yield Cumulative AUM $bn (RHS)

$bn (weekly flow) $bn (cumulative AUM)W Europe High Yield (in $)


13

Developed Markets


14

Developed Markets – Summary themes • The front end of government curves and money market funds saw resumed inflows

in the past week (Figure 55 & Figure 56). Prior weeks had seen outflows, especially from US money market funds ahead of the 15 July tax deadline.

• The theme for the latest week has centred on mild outflows from government long end funds. However, this appears to be a mild adjustment to large inflows seen into long end government funds in previous weeks (Figure 57).

• Inflows to investment grade corporate funds remains persistent, with the bias more towards inflows to longer tenor funds. In fact, inflows to long tenor corporate funds are up an impressive 3.3% of assets under management in the past quarter.

Fig 52 Feature Chart: Long end fund inflows dominate in the past month


• Inflows to USD inflation funds slowed last week (Figure 56), but are still showing a large inflows in the past quarter. Outflows from EUR funds still dominate though (Figure 60).

BOTTOM LINE: Core yields remain hammered down, but the bulk of this reflects a combination of expectations and central bank buying, but also investor inflows. There have been some long end outflows in the past week, but the dominant flow in the past month has been long end inflows. The dominant theme in corporates has been strong inflows. Elevated primary issuance in recent months remains a factor here, as inflows are registered when issuance exceeds redemptions - which it currently does; comfortably. We also not return inflows to money market funds, following outflows in previous weeks – mostly centred on pre and post the US 15 July tax deadline.

-3.00

-2.00

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0.00

1.00

2.00

3.00

4.00



% AUM PAST MONTH


15

Developed Markets Net Fund Flows Fig 53 Change in the past week (%) Fig 54 Change in the past week (%)


Fig 55 Change in the past month (%) Fig 56 Change in the past month (%)


Fig 57 Change in the past quarter (%) Fig 58 Change in the past quarter (%)


Fig 59 Change in the past year (%) Fig 60 Change in the past year (%)


-0.20

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0.30

0.40

0.50

0.60

0.70



% AUM PAST WEEK

-0.50

0.00

0.50

1.00

1.50

2.00

High Yield Inflation Money Markets

North America W Europe Total

% AUM PAST WEEK

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00



% AUM PAST MONTH

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00



% AUM PAST MONTH

-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.00



% AUM PAST QUARTER

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00



% AUM PAST QUARTER

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00



% AUM PAST YEAR

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00



% AUM PAST YEAR


16

Global DM Manager Asset Allocations Fig 61 Eurozone allocations for the last month (%) Fig 62 Global DM allocations for the last month (%)


Fig 63 Eurozone allocations one month previous (%) Fig 64 Global DM allocations one month previous (%)


Fig 65 Eurozone allocations one quarter ago (%) Fig 66 Global DM allocations one quarter ago (%)


Fig 67 Eurozone allocations one year ago (%) Fig 68 Global DM allocations one year ago (%)


France, 25.3

Germany, 15.2

Italy, 17.6

Netherlands, 12.5

Spain, 11.4

Belgium, 3.6

Austria, 0.9

Ireland, 3.9

Portugal, 1.2

Finland, 1.0 Greece, 1.10.1 0.0 0.0Slovakia, 0.0 Cash, 1.9

USA, 53.1

Euro, 21.0

UK, 8.3



France, 25.8

Germany, 15.1

Italy, 17.6

Netherlands, 12.3

Spain, 11.4

Belgium, 3.6

Austria, 0.9

Ireland, 3.7

Portugal, 1.2

Finland, 1.0 Greece, 1.1

0.1 0.00.0

Slovakia, 0.0 Cash, 1.7

USA, 53.4

Euro, 20.5

UK, 8.3



France, 26.1

Germany, 15.9

Italy, 18.0

Netherlands, 11.4

Spain, 11.3

Belgium, 3.4

Austria, 0.9

Ireland, 4.6

Portugal, 1.1

Finland, 0.6 Greece, 1.00.1 0.0 0.0

Slovakia, 0.0 Cash, 2.7

USA, 52.8

Euro, 19.5

UK, 8.3

Japan, 4.4Canada, 2.9

Australia, 1.7


France, 27.0

Germany, 14.7

Italy, 19.9

Netherlands, 10.0

Spain, 12.9

Belgium, 3.0Austria, 1.3

Ireland, 3.3

Portugal, 0.9

Finland, 0.6Greece, 0.90.1 0.0

0.0Slovakia, 0.0 Cash, 2.9

USA, 51.3

Euro, 22.7

UK, 7.7




17

Developed Markets Country Flows Fig 69 Eurozone – Change in the past week (%) Fig 70 Non Eurozone – Change in the past week (%)


Fig 71 Eurozone – Change in the past month (%) Fig 72 Non Eurozone – Change in the past month (%)


Fig 73 Eurozone – Change in the past quarter (%) Fig 74 Non Eurozone – Change in the past quarter (%)


Fig 75 Eurozone – Change in the past year (%) Fig 76 Non Eurozone – Change in the past year (%)


0 0.05 0.1 0.15 0.2 0.25 0.3

AustriaBelgium

CyprusFinlandFrance

GermanyGreeceIreland

ItalyNetherlands

PortugalSpain

Total (Selected Eurozone)

% AUM PAST WEEK

0 0.1 0.2 0.3 0.4 0.5 0.6

AustraliaHong Kong

JapanNew Zealand

SingaporeIceland

DenmarkNorwaySweden

SwitzerlandUK

CanadaUS

Total…% AUM PAST WEEK

0 0.2 0.4 0.6 0.8 1 1.2

AustriaBelgium

CyprusFinlandFrance


ItalyNetherlands

PortugalSpainTotal…

% AUM PAST MONTH

0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

AustraliaHong Kong

JapanNew Zealand

SingaporeIceland

DenmarkNorwaySweden

SwitzerlandUK

CanadaUS

Total…% AUM PAST MONTH

0 0.5 1 1.5 2 2.5 3 3.5

Austria

Belgium

Cyprus

Finland

France

Germany

Greece

Ireland

Italy

Netherlands

Portugal

Spain

Total (Selected Eurozone)

% AUM PAST QUARTER

0 1 2 3 4 5 6

AustraliaHong Kong

JapanNew Zealand

SingaporeIceland

DenmarkNorwaySweden

SwitzerlandUK

CanadaUS

Total (Selected Non Eurozone)

% AUM PAST QUARTER

0 0.5 1 1.5 2 2.5 3 3.5

AustriaBelgium

CyprusFinlandFrance


ItalyNetherlands

PortugalSpainTotal…

% AUM PAST YEAR

-2 0 2 4 6 8 10

AustraliaHong Kong

JapanNew Zealand

SingaporeIceland

DenmarkNorwaySweden

SwitzerlandUK

CanadaUS

Total (Selected Non Eurozone)% AUM PAST YEAR


18

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