Citigroup 花旗：全球基金降低亚太地区仓位以回顾春季的调整

Fun With Flows Global Funds Reduced Asian Weight Amid The Spring Correction

30 March 2007 | 9 pages

Asia did not benefit from the strong inflows to Global funds last month —
Instead, Global funds' regional weight in Asia posted the biggest month-onmonth
reduction. Currently, fund managers are moderately overweight Asia
compared with the 160-bp O/W at the beginning of the year. In contrast, their
O/W in Europe has been upped to 625bps, the largest since Sep 2005.
Developed Europe outperformed Asia by 370bps between Feb 22 and Mar 5.
 Cash weight at Asian funds was 1.4% in February, or 0.9SD below mean — This
suggests that Asian funds do not have much cash left for new investments after
fulfilling the heavy redemptions from investors this month. For Asian markets to
regain their previous strength, we need to see a resurgence of sustained new
money going to Asian funds. This week, inflows resumed to US$1.1bn and
brought total net outflows of the month down to US$3.5bn.
 Asian funds' underweight in China the biggest in two years — Asian funds have
lowered their country weight in China two months in a row. At 15.3%, the
current China weight is 240bps less than their all-time high recorded at the end
of last year and widens Asian funds