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Renaissance Capital

14 January 2019

ESG

Flows and positioning

Figure 132: EM equity fund inflows, $mn

2014			2015			2016			2017		2018
80,000
60,000
40,000
20,000
0
-20,000
-40,000
-60,000
-80,000
-100,000
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

Figure 133: Frontier equity fund inflows, $mn (monthly, to 30 November 2018)

	2014		2015			2016		2017			2018
2,500
2,000
1,500
1,000
500
0
-500
-1,000
-1,500
-2,000
-2,500
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

Source: EPFR, Renaissance Capital Source: EPFR, Renaissance Capital

Figure 134: EM equity fund inflows by fund type (past 52 weeks), $mn Figure 135: Frontier equity fund inflows (past 52 weeks), $mn

Non-ETF

ETF

Total

10,000

8,000

6,000

4,000

2,000

-2,000

-4,000

-6,000

17-Jan-18

31-Jan-18

14-Feb-18

28-Feb-18

14-Mar-18

28-Mar-18 11-Apr-18 25-Apr-18 9-May-18

23-May-18

20-Jun-18

4-Jul-18

18-Jul-18 1-Aug-18 15-Aug-18

29-Aug-18

12-Sep-18

26-Sep-18

10-Oct-18

24-Oct-18 7-Nov-18 21-Nov-18

19-Dec-18

3-Jan-18

6-Jun-18

5-Dec-18

2-Jan-19

Source: EPFR, Renaissance Capital

FM Weekly flows, $mn

FM Weekly flows, % of AuM (RHS)

150	1.0
100	0.5
	0.5
50	0.0
	0.0
0
-50	-0.5
-50
-100	-1.0
-100
-150	-1.5
	3-Jan-18 17-Jan-18 31-Jan-18 14-Feb-18 28-Feb-18 14-Mar-18 28-Mar-18 11-Apr-18 25-Apr-18 9-May-18 23-May-18 6-Jun-18 20-Jun-18 4-Jul-18 18-Jul-18 1-Aug-18 15-Aug-18 29-Aug-18 12-Sep-18 26-Sep-18 10-Oct-18 24-Oct-18 7-Nov-18 21-Nov-18 5-Dec-18 19-Dec-18 2-Jan-19

Source: EPFR, Renaissance Capital

Figure 136: Frontier AuM, $mn

Figure 137: FM fund assets, November 2018

Global Frontier					Regional			Frontier in mainstream GEM funds									LatAm
25,000																EMEA	1%
																EMEA	1%
																12%
20,000																Frontier in
																Frontier in
																mainstream
15,000																GEM funds	Global
																15%	Frontier
10,000																	47%
10,000
5,000
0																Asia
0																25%
2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	25%
2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
										Source: EPFR, Renaissance Capital							Source: EPFR, Renaissance Capital

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Renaissance Capital

14 January 2019

ESG

Figure 138: FM funds country OW/UW, November 2018

Underweights (Nov-18)

Overweights (Nov-18)

Index weights (Nov-18)

Kuwait Argentina Vietnam

Egypt

Nigeria UAE Romania

Kazakhstan

Kenya Saudi Arabia Bangladesh

Morocco

Sri Lanka

Georgia

Slovenia

Ukraine Pakistan Lebanon Bahrain

Oman

Tanzania

Zimbabwe

Croatia Lithuania Jordan

Tunisia Serbia Senegal Mauritius Ivory Coast

Estonia RoW

Cash

Note: Based on sample of non-ETF funds benchmarked to MSCI FM.

Source: EPFR, Renaissance Capital

Figure 139: GEM funds country OW/UW, November 2018

Underweights (Nov-18)

Overweights (Nov-18)

Index weights (Nov-18)

China South Korea India Brazil

Taiwan South Africa

Russia Indonesia Mexico Thailand

Other Equity

Malaysia Turkey Philippines Poland Hungary

Other Europe

Chile

Peru Argentina UK

UAE Egypt Colombia Vietnam Greece Nigeria

Other Asia

Qatar Pakistan

Saudi Arabia

USA Czech Norway Singapore

Kenya Panama Australia Portugal Spain Canada Romania

Austria Cambodia Belarus

Germany RoW Cash

Source: EPFR, Renaissance Capital

Figure 140: GEM funds sector OW/UW, November 2018

Figure 141: Cyclicals vs defensives positioning in active GEM funds, ppts

Overweight (Nov-18)

Underweight (Nov-18)

Index weight (Nov-18)

Cyclicals

Defensives

30%

25%

20%

15%

10%

-1%

-2%

Cons.Disc.

StaplesCons.

Materials

Energy

Industrials

Telecoms

RealEstate

Healthcare

Utilities

-3%

14-Jan 14-Jul 15-Jan 15-Jul 16-Jan 16-Jul 17-Jan 17-Jul 18-Jan 18-Jul

Financials

07-Jan 07-Jul 08-Jan 08-Jul 09-Jan 09-Jul 10-Jan 10-Jul 11-Jan 11-Jul 12-Jan 12-Jul 13-Jan 13-Jul

-4%

-5%

Note: Based on sample of Non-ETF funds benchmarked to MSCI Emerging Markets Index.

Note: Based on sample of Non-ETF funds benchmarked to MSCI Emerging Markets Index. Positioning is defined as

(weight of sector in fund) – (weight of sector in benchmark index).

Cyclicals = Cons. Disc., Financials, Industrials, IT, Materials, Real Estate.

Defensives = Cons. Staples, Healthcare, Energy, Telecoms, Utilities.

Source: EPFR, Renaissance Capital

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EM fund flows: Allocations

The following charts show country allocations of non-ETF GEM equity funds benchmarked to MSCI EM vs index weights, with shaded areas highlighting over/underweights, based on a sample of c. 40% of MSCI EM-benchmarked active AuM.

Renaissance Capital

14 January 2019

ESG

Figure 142: Non-ETF allocation to China vs benchmark

Figure 143: Non-ETF allocation to South Korea vs benchmark

			Overweight								Underweight
35%			China Index weight								China fund weight			30%
35%														30%
30%														25%
														25%
25%														20%
														20%
20%
														15%
15%
10%														10%
10%
5%														5%
5%
0%														0%
Jan-96	Jan-97	Jan-98	Jan-99 Jan-00 Jan-01 Jan-02	Jan-03	Jan-04 Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10	Jan-11 Jan-12 Jan-13 Jan-14 Jan-15	Jan-16	Jan-17	Jan-18

		Overweight					Underweight
		South Korea Index weight					South Korea fund weight
Jan-96	Jan-97	Jan-98 Jan-99 Jan-00 Jan-01	Jan-02 Jan-03 Jan-04 Jan-05 Jan-06	Jan-07	Jan-08	Jan-09	Jan-10 Jan-11 Jan-12 Jan-13 Jan-14	Jan-15	Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com Source: MSCI, EPFR.com

Figure 144: Non-ETF allocation to Taiwan vs benchmark Figure 145: Non-ETF allocation to India vs benchmark

			Overweight							Underweight
20%			Taiwan Index weight							Taiwan fund weight		18%
20%												18%
												16%
15%												14%
15%
												12%
10%												10%
10%												8%
												8%
												6%
5%												4%
												4%
												2%
0%												0%
Jan-96	Jan-97	Jan-98	Jan-99 Jan-00 Jan-01 Jan-02	Jan-03 Jan-04 Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10	Jan-11 Jan-12 Jan-13 Jan-14 Jan-15	Jan-16 Jan-17	Jan-18

Overweight

Underweight

India Index weight

India fund weight

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com Source: MSCI, EPFR.com

Figure 146: Non-ETF allocation to Brazil vs benchmark Figure 147: Non-ETF allocation to South Africa vs benchmark

			Overweight							Underweight
20%			Brazil Index weight							Brazil fund weight		18%
20%												18%
												16%
15%												14%
15%
												12%
10%												10%
10%												8%
												8%
												6%
5%												4%
												4%
												2%
0%												0%
Jan-96	Jan-97	Jan-98	Jan-99 Jan-00 Jan-01 Jan-02	Jan-03 Jan-04 Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10	Jan-11 Jan-12 Jan-13 Jan-14 Jan-15	Jan-16 Jan-17	Jan-18

		Overweight						Underweight
		South Africa Index weight						South Africa fund weight
Jan-96	Jan-97	Jan-98 Jan-99 Jan-00 Jan-01	Jan-02	Jan-03 Jan-04 Jan-05 Jan-06	Jan-07	Jan-08	Jan-09	Jan-10 Jan-11 Jan-12 Jan-13 Jan-14	Jan-15	Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

vk.com/id446425943

EM fund flows: Allocations

Renaissance Capital

14 January 2019

ESG

Figure 148: Non-ETF allocation to Russia vs benchmark

Figure 149: Non-ETF allocation to Mexico vs benchmark

			Overweight								Underweight
14%			Russia Index weight								Russia fund weight			18%
14%														18%
12%														16%
12%
10%														14%
10%														12%
														12%
8%														10%
6%														8%
4%														6%
4%														4%
														4%
2%														2%
														2%
0%														0%
Jan-96	Jan-97	Jan-98	Jan-99 Jan-00 Jan-01 Jan-02	Jan-03	Jan-04 Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10	Jan-11 Jan-12 Jan-13 Jan-14 Jan-15	Jan-16	Jan-17	Jan-18

	Overweight		Underweight


	Mexico Index weight		Mexico fund weight
	Mexico Index weight		Mexico fund weight

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com Source: MSCI, EPFR.com

Figure 150: Non-ETF allocation to Thailand Figure 151: Non-ETF allocation to Malaysia

		Overweight							Underweight
12%		Thailand Index weight							Thailand fund weight			20%
12%												20%
10%
												15%
8%
6%												10%
4%
												5%
2%
0%												0%
Jan-96	Jan-97	Jan-98 Jan-99 Jan-00 Jan-01 Jan-02	Jan-03 Jan-04 Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10	Jan-11 Jan-12 Jan-13 Jan-14	Jan-15	Jan-16 Jan-17	Jan-18

	Overweight		Underweight


	Malaysia Index weight		Malaysia fund weight
	Malaysia Index weight		Malaysia fund weight

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 152: Non-ETF allocation to Indonesia vs benchmark

	Overweight	Underweight
7%	Indonesia Index weight	Indonesia fund weight
7%
6%
5%
4%
3%
2%
1%
0%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Figure 153: Non-ETF allocation to Poland vs benchmark

Overweight

Underweight

Poland Index weight

Poland fund weight

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03

Jan-04 Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16 Jan-17

Jan-18

Source: MSCI, EPFR.com

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EM fund flows: Allocations

Renaissance Capital

14 January 2019

ESG

Figure 154: Non-ETF allocation to Chile vs benchmark

Figure 155: Non-ETF allocation to Qatar vs benchmark (from Jan 2008)

Overweight

Underweight

6.0%

Chile Index weight

Chile fund weight

1.2%

5.0%

1.0%

4.0%

0.8%

3.0%

0.6%

2.0%

0.4%

1.0%

0.2%

0.0%

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

	Overweight		Underweight


	Qatar Index weight		Qatar fund weight
	Qatar Index weight		Qatar fund weight

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 156: Non-ETF allocation to the Philippines vs benchmark

Figure 157: Non-ETF allocation to Turkey vs benchmark

		Overweight							Underweight
7.0%		Philippines Index weight							Philippines fund weight			9.0%
7.0%												9.0%
6.0%												8.0%
6.0%
5.0%												7.0%
5.0%												6.0%
												6.0%
4.0%												5.0%
3.0%												4.0%
2.0%												3.0%
2.0%												2.0%
												2.0%
1.0%												1.0%
												1.0%
0.0%												0.0%
Jan-96	Jan-97	Jan-98 Jan-99 Jan-00 Jan-01	Jan-02 Jan-03 Jan-04	Jan-05	Jan-06	Jan-07	Jan-08	Jan-09	Jan-10 Jan-11 Jan-12 Jan-13 Jan-14	Jan-15 Jan-16	Jan-17	Jan-18

Overweight

Underweight

Turkey Index weight

Turkey fund weight

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03 Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com Source: MSCI, EPFR.com

Figure 158: Non-ETF allocation to UAE vs benchmark (from Jan 2008) Figure 159: Non-ETF allocation to Colombia vs benchmark

		Overweight					Underweight
1.2%		UAE Index weight					UAE fund weight
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%
Jan-08	Jan-09	Jan-10	Jan-11	Jan-12	Jan-13	Jan-14	Jan-15	Jan-16	Jan-17	Jan-18

Source: MSCI, EPFR.com

Overweight

Underweight

1.4%

Colombia Index weight

Colombia fund weight

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

Jan-96

Jan-97

Jan-98 Jan-99 Jan-00 Jan-01

Jan-02

Jan-03

Jan-04 Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

vk.com/id446425943

EM fund flows: Allocations

Renaissance Capital

14 January 2019

ESG

Figure 160: Non-ETF allocation to Peru vs benchmark

Overweight

Underweight

1.6%

Peru Index weight

Peru fund weight

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03 Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16

Jan-17

Jan-18

Figure 161: Non-ETF allocation to Hungary vs benchmark

	Overweight	Underweight
3.0%	Hungary Index weight	Hungary fund weight
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 162: Non-ETF allocation to Greece vs benchmark

	Overweight		Underweight


	Greece Index weight		Greece fund weight
	Greece Index weight		Greece fund weight

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 164: Non-ETF allocation to Egypt vs benchmark

	Overweight	Underweight
2.5%	Egypt Index weight	Egypt fund weight
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Figure 163: Non-ETF allocation to the Czech Republic vs benchmark

Overweight

Underweight

1.6%

Czech Index weight

Czech fund weight

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

Jan-96

Jan-97

Jan-98

Jan-99 Jan-00 Jan-01 Jan-02

Jan-03 Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 165: Non-ETF allocation to Pakistan vs benchmark

	Overweight	Underweight
1.2%	Pakistan Index weight	Pakistan fund weight
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

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EM fund flows: Net overweight

The following charts show the percentage net over/underweight allocation to each MSCI country, calculated by (# funds overweight - # funds underweight)/(# total number of funds in sample), which can illustrate the breadth of positioning.

Renaissance Capital

14 January 2019

ESG

Figure 166: % net over/underweight allocation to China

Figure 167: % net over/underweight allocation to South Korea

China
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

South Korea

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 168: % net over/underweight allocation to Taiwan

Figure 169: % net over/underweight allocation to India

Taiwan
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

India

100%

80%

60%

40%

20%

-20%

-40%

-60%

-80%

-100%

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03 Jan-04

Jan-05

Jan-06

Jan-07 Jan-08

Jan-09

Jan-10

Jan-11 Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 170: % net over/underweight allocation to Brazil

Figure 171: % net over/underweight allocation to South Africa

Brazil
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

South Africa

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

vk.com/id446425943

EM fund flows: Net overweight

Renaissance Capital

14 January 2019

ESG

Figure 172: % net over/underweight allocation to Russia

Figure 173: % net over/underweight allocation to Mexico

	100%	Russia
	100%	100%
		100%
	80%	80%
		80%
	60%	60%
		60%
	40%	40%
		40%
	20%	20%
	0%	0%
	-20%	-20%
	-40%	-40%
	-60%	-60%
	-80%	-80%
	-100%	-100%
		Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Mexico

Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 174: % net over/underweight allocation to Thailand

Figure 175: % net over/underweight allocation to Malaysia

100%	Thailand
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

100%	Malaysia
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 176: % net over/underweight allocation to Indonesia

Figure 177: % net over/underweight allocation to Poland

Indonesia
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Poland
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

vk.com/id446425943

EM fund flows: Net overweight

Renaissance Capital

14 January 2019

ESG

Figure 178: % net over/underweight allocation to Chile

Figure 179: % net over/underweight allocation to Qatar (from Jan 2008)

	100%	Chile
	100%	100%
		100%
	80%	80%
		80%
	60%	60%
		60%
	40%	40%
		40%
	20%	20%
	0%	0%
	-20%	-20%
	-40%	-40%
	-60%	-60%
	-80%	-80%
	-100%	-100%
		Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

					Qatar
Jan-08	Jan-09	Jan-10	Jan-11	Jan-12	Jan-13	Jan-14	Jan-15	Jan-16	Jan-17	Jan-18

Source: MSCI, EPFR.com

Figure 180: % net over/underweight allocation to the Philippines

Figure 181: % net over/underweight allocation to Turkey

100%	Philippines
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Turkey

100%

80%

60%

40%

20%

-20%

-40%

-60%

-80%

-100%

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jan-13 Jul-13 Jan-14

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-15

Jan-16

Jan-17

Jan-18

Source: MSCI, EPFR.com

Figure 182: % net over/underweight allocation to UAE (from Jan 2008)

Figure 183: % net over/underweight allocation to Colombia

100%	UAE	Colombia
100%		100%
		100%
80%		80%
		80%
60%		60%
		60%
40%		40%
		40%
20%		20%
		20%
0%		0%
-20%		-20%
-40%		-40%
-60%		-60%
-80%		-80%
-100%		-100%
	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18	Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
	Source: MSCI, EPFR.com	Source: MSCI, EPFR.com

vk.com/id446425943

EM fund flows: Net overweight

Renaissance Capital

14 January 2019

ESG

Figure 184: % net over/underweight allocation to Colombia

Figure 185: % net over/underweight allocation to Hungary

	100%	Peru
	100%	100%
		100%
	80%	80%
		80%
	60%	60%
		60%
	40%	40%
		40%
	20%	20%
		20%
	0%	0%
		0%
	-20%	-20%
	-40%	-40%
	-60%	-60%
	-80%	-80%
	-100%	-100%
		Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Hungary

Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 186: % net over/underweight allocation to Greece

Figure 187: % net over/underweight allocation to the Czech Republic

Greece
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Czech Rep

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Figure 188: % net over/underweight allocation to Egypt

Figure 189: % net over/underweight allocation to Pakistan

Egypt
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

Pakistan
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Source: MSCI, EPFR.com

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