Flow of Funds Report: Asia Ex.

Japan Q2 2015
Market Overview:
The second quarter of 2015 began with the bullish runs of the Chinese and Hong Kong equity markets, fuelled
by the speculation of more easing from the Chinese government. However, the markets lost momentum after
mid-June following deleveraging measures from the central government, as the SSE Composite Index dropped
17% from its peak in two weeks as of June 30. Concerns of a GREXIT from the Eurozone, possibility of a US rate
hike, and the fear of MERS outbreak also hurt investors confidence in the Asian emerging markets.
According to the BofA Merrill Lynch Fund Manager Survey of June 2015, the allocation to Emerging Market
equities declines to a net 18% of underweight, from a net 6% underweight in May 2015. The Survey also
reveals that the decline in Emerging Market weighting coincides with the worsening expectation on Chinese
economy growth.
Ipreo Conclusions:
Investment in Asia Ex. Japan equities continued to grow in 2Q 2015 among global fund managers, with the Asiabased investors holding the largest pool of Asian equities assets ($2.3T). However, Asian investors, primarily the
Chinese institutional investors, sold a total of $18.3B of Asia Ex. Japan equities, possibly due to profit booking
motives when the China stock market peaked in June. North American investors bought a net amount of $19.9B
in Asia Ex. Japan equities, largely originating from passive investors such as The Vanguard Group, Inc. and
BlackRock Fund Advisors.
Growth investors were net sellers in Asia Ex. Japan securities, reducing $12B over the last quarter. As mentioned
previously, Index investors, led by Vanguard and BlackRock, were the largest buyers in 2Q 2015.
The Technology sector continued to be the most bought industry in 2Q 2015, attracting a net $13.5B from
money managers. The most bought company in the sector was BOE Technology Group, after investors added a
net $6.5B to the company. Consumer Services was the second most bought industry, with inflows of $4.6B.
Funds are moving out from the Basic Materials sector with an overall net sell of $3.8B.
Institutional Investment Flow

2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors,
incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

Flow of Funds Report: Asia Ex. Japan Q2 2015

TOP HOLDERS
Central Huijin Investment Company, LTD
China Investment Corporation, LTD (CIC)
China Life Insurance Asset Management Company, Ltd.
Temasek Holdings Pte., LTD
The Vanguard Group, Inc.
National Pension Service (Korea)
BlackRock Fund Advisors
Life Insurance Corporation of India
Norges Bank Investment Management (Norway)
National Council of Social Security Fund

Country
China
China
China
Singapore
United States
South Korea
United States
India
Norway
China

Style
Specialty
Growth
Growth
Value
Index
Value
Index
Yield
Value
Growth

Turnover
Low
Low
Low
Low
Low
Low
Low
Low
Low
Low

Equity Assets
($M)
n/a
n/a
n/a
94,598.4
1,813,047.1
n/a
1,301,975.2
n/a
514,443.8
n/a

TOP BUYERS
Fullgoal Fund Management Company, LTD
The Vanguard Group, Inc.
HSBC Global Asset Management (Hong Kong), LTD
Penghua Fund Management Company, LTD
BlackRock Fund Advisors
Hang Seng Investment Management, LTD
Yuanta Security Investment Trust Company
National Council of Social Security Fund
BlackRock Advisors (U.K.), LTD
ICBC Credit Suisse Asset Management Company, LTD

Country
China
United States
Hong Kong
China
United States
Hong Kong
Taiwan
China
United Kingdom
China

Style
Turnover
Growth
Very High
Index
Low
Growth
High
Aggressive Growth
High
Index
Low
Index
Low
Growth
Medium
Growth
Low
Index
Medium
Growth
High

Equity Assets
($M)
n/a
1,813,047.1
17,938.0
n/a
1,301,975.2
n/a
n/a
n/a
109,545.6
n/a

TOP SELLERS
Country
Style
Turnover
China Asset Management Corporation, LTD
China
Aggressive Growth
Medium
Harvest Fund Management Company, LTD
China
Growth
Medium
Bosera Asset Management Company, LTD
China
Growth
Medium
Invesco Great Wall Fund Management Company, LTD
China
Value
Very High
E Fund Management Company, LTD
China
Growth
Medium
Dacheng Fund Management Company, LTD
China
Growth
High
GF Fund Management Company, LTD
China
Growth
High
Huatai-PineBridge Fund Management Company, LTD
China
Growth
Medium
Lion Fund Management Company, LTD
China
Growth
High
BlackRock Asset Management North Asia, LTD
Hong Kong
Index
High
Includes Investors with EUM greater than $100M; Excludes Passive/Index Investors

Equity Assets
($M)
n/a
n/a
n/a
6,834.9
n/a
n/a
n/a
7,085.2
n/a
n/a

Value
($M)
340,457.5
148,282.7
110,787.3
90,371.0
90,181.4
78,015.8
71,267.5
66,043.0
52,593.6
48,666.0
1,096,665.8
Value
($M)
24,209.3
90,181.4
15,229.0
18,500.1
71,267.5
13,576.6
6,757.7
48,666.0
17,638.6
13,930.5
319,956.6
Value
($M)
23,061.0
18,771.6
12,460.1
5,950.0
21,786.3
6,903.4
12,662.4
6,980.7
4,738.9
11,548.1
124,862.5

Change
%
($M) Portfolio
0.0
n/a
-741.1
n/a
244.0
n/a
341.9
95.5
6,467.5
5.0
2,033.9
n/a
5,739.2
5.5
1,893.8
n/a
-16.3
10.2
2,652.2
n/a
18,615.1
Change
%
($M) Portfolio
12,946.8
n/a
6,467.5
5.0
6,148.9
84.9
5,942.5
n/a
5,739.2
5.5
4,733.7
n/a
3,001.1
n/a
2,652.2
n/a
2,345.6
16.1
2,096.9
n/a
52,074.4
Change
%
($M) Portfolio
-5,693.1
n/a
-4,588.6
n/a
-3,983.3
n/a
-3,664.3
87.1
-3,584.9
n/a
-3,442.4
n/a
-3,041.7
n/a
-3,031.9
98.5
-2,535.7
n/a
-2,473.5
n/a
-36,039.3

% Portfolio
Chg
0.0
-0.5
0.2
0.4
7.7
2.7
8.8
3.0
-0.0
5.8
% Portfolio
Chg
115.0
7.7
67.7
47.3
8.8
53.5
79.9
5.8
15.3
17.7
% Portfolio
Chg
-19.8
-19.6
-24.2
-38.1
-14.1
-33.3
-19.4
-30.3
-34.9
-17.6

Most Bought & Sold Sectors/Stocks

BOUGHT Securities

Industry

BOE Technology Group Co. Ltd

Cheung Kong Property Holdings Limited
CITIC Securities Company, LTD
China Construction Bank Corporation
Hon Hai Precision Industry Company, LTD

Technology
Financials
Financials
Financials
Consumer Goods

Change $M
6,511.1
5,960.2
3,601.6
3,094.2
1,869.5
21,036.6

SOLD Securities

Industry

Ping An Insurance (Group) Company of China, LTD.Financials

Gree Electric Appliances, Inc.
Consumer Goods
Poly Real Estate Group Co., Ltd
Financials
CRRC Corporation Limited
Industrials
China Vanke Co., Ltd.
Financials

2015 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors,
incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

Change $M
-5,358.9
-2,976.6
-2,243.0
-2,022.3
-1,862.2
-14,463.0