Professional Documents
Culture Documents
18
16
14
12
10
8
6
4
2
0
Lebanon
Nigeria
Pakistan
Jordan
Kazakhs
Oman
Bahrain
Mauritius
Estonia
Kenya
Frontier
Romania
Slovenia
Saudi
Sri Lanka
Kuwait
Argentina
Croatia
Morocco
Vietnam
Banglad
EM
DM
18
16
14
12
10
8
6
4
2
0
2009
2010
2011
2012
2013
2014
2015
2016
Source: MSCI, Bloomberg
MSCI FM vs EM
Average
20%
10%
0%
-10%
-30%
-50%
-70%
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
0%
-10%
-20%
-20%
-40%
-30%
-60%
-40%
2012
2013
2014
2015
2016
2011
5,000
35
4,000
30
2012
2013
2014
2015
Sep
Flows, %AuM
Jul
Flows, $mn
2016
25
3,000
20
2,000
15
1,000
10
5
0
-1,000
Dec
Nov
Oct
Aug
Jun
May
Apr
Mar
Feb
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
-15
Mar
-3,000
Feb
-10
Jan
-2,000
Jan
-5
Source: EPFR
UAE
Saudi Arabia
Egypt
Vietnam
Sri Lanka
Pakistan
Georgia
Other Emea
Bangladesh
South Africa
Zimbabwe
Usa
Ukraine
Botswana
Panama
Tanzania
Romania
Kenya
Bulgaria
Lithuania
Serbia
Jordan
Estonia
Tunisia
Kazakhstan
Oman
Croatia
Mauritius
Slovenia
Bahrain
Lebanon
Argentina
Nigeria
Morocco
Kuwait
8
Active funds over/underweights
Off-Benchmark
-2
-4
-6
-8
-10
FX VALUATION TABLES
Kenya
Nigeria
Vietnam
Bangladesh
Lebanon
Kuwait
Bulgaria
Jordan
Sri Lanka
Pakistan
Lithuania
Estonia
Oman
Romania
Mauritius
Croatia
Bahrain
Slovenia
Morocco
Serbia
Tunisia
Kazakhstan
Argentina
Current fx rate vs $
102
199
22,310
78.4
1,513
0.30
1.78
0.71
144
105
0.91
0.91
0.39
4.06
35.6
6.92
0.38
0.91
9.82
112
2.03
350
15.3
we don't trust Argentina's inflation data, so we don't think these figures should be taken seriously
FX VALUATION TABLES
Egypt
China
Philippines
Qatar
India
UAE
Czech Republic
Indonesia
Thailand
Hungary
Turkey
Peru
Poland
Korea
Greece
Chile
Taiwan
Malaysia
Russia
Brazil
Mexico
Colombia
South Africa
Current fx rate vs $
7.83
6.53
47.6
3.64
68.6
3.67
24.6
13,428
35.7
282
2.94
3.53
3.97
1,239
0.91
696
33.3
4.22
76.5
3.96
18.2
3,340
15.7
Uganda
Zambia
Rwanda
Ghana
Iraq
Tanzania
Iran
180
Saudi Arabia
Serbia
Bulgaria
Kazakhstan
Lithuania
Estonia
Bahrain
Lebanon
Slovenia
Croatia
Mauritius
Tunisia
Sri Lanka
Kenya
Romania
Jordan
Oman
Nigeria
Argentina
Morocco
Kuwait
Bangladesh
Pakistan
Vietnam
LIQUIDITY A CHALLENGE
3MADTV, $mn, 28 April 14
1,302
160
140
120
100
80
60
40
20
LIQUIDITY MAP
Ave vol. ($mn)
> 0.1
TOTAL
727
Saudi Arabia
166
Bangladesh
Vietnam
Pakistan
Kuwait
Jordan
Morocco
Argentina
Nigeria
Oman
Sri Lanka
Kenya
Romania
Bahrain
Tunisia
Lebanon
Croatia
Mauritius
Zimbabwe
Slovenia
Kazakhstan
Tanzania
Lithuania
Estonia
Zambia
Ghana
129
96
71
64
28
27
26
25
23
14
9
8
7
5
5
5
4
3
3
3
2
2
2
1
1
Ave vol.
($mn)
TOTAL
Saudi
Arabia
Bangladesh
Vietnam
Pakistan
Kuwait
Argentina
Morocco
Oman
Nigeria
Jordan
Romania
Sri Lanka
Bahrain
Lebanon
Kenya
Mauritius
Kazakhstan
Croatia
Zimbabwe
Zambia
Tanzania
Slovenia
Estonia
Ukraine
> 0.2
533
166
81
71
57
38
20
17
16
16
13
8
5
5
4
4
3
2
2
1
1
1
1
1
0
Ave vol.
($mn)
TOTAL
Saudi
Arabia
Pakistan
Vietnam
Bangladesh
Kuwait
Argentina
Morocco
Oman
Nigeria
Romania
Jordan
Kenya
Bahrain
Sri Lanka
Mauritius
Kazakhstan
> 0.5
357
166
42
41
31
16
16
10
7
6
5
5
4
3
2
2
1
Ave vol.
($mn)
TOTAL
Saudi
Arabia
Pakistan
Vietnam
Kuwait
Bangladesh
Morocco
Argentina
Oman
Nigeria
Kenya
Romania
Bahrain
Mauritius
Kazakhstan
>1
259
160
29
19
10
10
8
7
4
3
3
2
2
1
1
Ave vol.
($mn)
TOTAL
Saudi
Arabia
Pakistan
Vietnam
Kuwait
Argentina
Oman
Nigeria
Morocco
>2
162
130
13
6
5
4
2
1
1
Ave vol.
($mn)
TOTAL
Saudi
Arabia
Morocco
Kuwait
Argentina
>5
64
61
Ave vol.
($mn)
TOTAL
Saudi
Arabia
> 10
22
22
1
1
1
Argentina, 14%
Nigeria, 12%
Pakistan, 8.3%
Morocco, 7.5%
Kenya, 5.5%
Oman, 4.7%
Vietnam, 3.8%
Lebanon, 3.7%
Romania, 3.4%
Bangladesh, 2.7%
Slovenia, 2.2%
Bahrain, 2.1%
Mauritius, 1.8%
Kazakhstan, 1.6%
Croatia, 1.4%
Jordan, 0.7%
Tunisia, 0.7%
Estonia, 0.5%
Serbia, 0.2%
Lithuania, 0.2%
Bulgaria, 0.1%