EPFR: The Leading Source for

Global Fund Data and

Research

Tracking equity and bond fund flows, cross border capital

flows, country and sector allocations, and company

holdings data from its universe of more than 8,000 Global,

Emerging Markets, US, Europe, Japan and Pacific funds

with more than $4 trillion in assets, including both

offshore and US-registered funds.

Flows Strong into EM Equity and Global/International

Equity;

US Equity Suffers

Emerging Markets: EMEA, Asia ex-Japan equity funds off to a

fast start; EM and Global bond funds enjoying consistently

positive inflows

•Core Data Reports

• Equity / Bond Fund Flows – weekly or

monthly

• Monthly Equity / Bond Fund Country

Weightings

• Monthly Equity Fund Sector Weightings

• Monthly Equity / Bond Fund Country Flows –

fund net buying/selling by country

• Monthly Equity / Bond Fund Holdings Data

• GEM Equity / Bond Fund Performance Data

[New!]

• Assets tracked account for 90% of registered fund assets in Emerging Europe,

Middle East

and Africa (EMEA) and Latin America regions and 80 – 85% of assets in registered

funds in

Asia-Pacific ex-Japan region.

• Includes funds registered in all of the world’s major domiciles: Luxembourg, USA,

Ireland,

Guernsey, Jersey, Cayman, Bahamas, Canada, Switzerland, etc.

• Data is obtained through direct relationships with fund managers and their

administrators

developed over more than a decade

• The database has historical data available back to 1995

Regional/Country

Reports: deriving from

the core data

• Monthly Asia Navigator

• Monthly Latin America Navigator

• Monthly EMEA Navigator

• Monthly Country Navigators

Data Product Overview

Data Product Overview

Fund Flow Reports

Fund Flow Reports

(Equity and Bond)

(Equity and Bond)

• Calculates “Net Flows” (investor contributions /

redemptions) for individual funds and for

various fund

categories

• Net Flows calculations exclude portfolio

performance

and currency fluctuations

• Reports are organized by fund category

• History sheet shows weekly/monthly aggregate

flows

year to date by fund category

• Includes funds registered globally (including US

registered funds) and tracks global investor

flows

rather than just that of US investors

• Monthly data available from 1995 to present;

weekly

history available from October 2000 to present

Fund Flow Reports

Fund Flow Reports

(cont.)

(cont.)

We

ekl

y

Fu

nds

We

ekl

y

Ass

ets

Mon

thly

Fun

ds

Mo

nthl

y

Ass

ets

Equity

Flows

Fund

Catego

ries

#

of

Fu

nds

$

US

billi

ons

# of

Fun

ds

$

US

billi

ons

Global

Emergi

ng

Market

Funds

240

78.

95

326

100.

56

Asia

ex-

Japan

Funds

347

42.

94

539

63.3

2

Latin

Americ

a

Funds

75

6.2

0

105

7.26

EMEA

Funds

111

19.

60

176

23.7

9

Intern

ational

/Global

Funds

1,1

65

318

.44

1,64

6

1,02

0.24

Pacific

Funds

56

7.8

5

93

18.6

0

Japan

Funds

207

31.

03

285

46.0

8

Wester

n

Europe

Funds

675

90.

21

824

139.

22

USA

Funds

2,3

13

801

.79

3,13

9

2,07

9.24

TOTAL

5,1

89

1,3

97.

01

7,13

3

3,4

98.

31

We

ekl

y

Re

por

t

Mo

nthl

y

Re

po

rt

Bond

Flows

Fund

Categ

ories

#

of

Fun

ds

$U

S

billi

ons

# of

Fun

ds

$U

S

billi

ons

Dedic

ated

EM

Bond

Funds

253

26.

07

322

36.

35

Globa

l

Bond

Funds

High

Yield

343

228

101

.58

62.

19

430

305

22

3.0

3

11

3.8

3

TOTA

L

82

4

18

9.8

4

1,0

57

37

3.2

1

Flows into Global/International equity and BRIC equity funds surge in 2004

Country Flows

Country Flows

(Equity & Bond Funds)

(Equity & Bond Funds)

Country Flows

Country Flows

(Cont.)

(Cont.)

•

The data tracks aggregate net buying/selling for

each

region and country

• Aggregate tab shows monthly net buying/selling

by

country and region for all funds combined:

International/Global funds, GEM funds, Asia ex-

Japan,

Latin America, EMEA, Pacific region and Country

funds

• Also includes country flows aggregates for each

fund

category

• Data available from 1995 to present

Equity Fund

Country

Flows Fund

Categories

#

of

Fun

ds

$US

billi

ons

International/

Global

51

114

.47

Global

Emerging

Markets

101

75.

11

Asia ex-Japan

234

49.

47

Latin America

34

6.7

6

Europe/Middl

e East/Africa

78

18.

17

Pacific &

Japan

138

49.

87

TOTAL

63

6

31

3.8

5

Bond Fund Country

Flows Fund

Categories

# of

Funds

$U

S

billi

ons

Dedicated

Emerging Market

Bond Funds

37

10.

66

Regional Funds

13

3.1

9

TOTAL

50

13.

85

Equity funds with $315b in assets were major net buyers of Taiwan,

India, China in 2004;

net sellers of Mexico, Brazil, Indonesia

Equity Fund Country Weightings

Equity Fund Country Weightings

GEM equity funds raise exposure to South Africa, reduce Korea, Thailand, India;

Global/International equity funds increasing Europe, EM while reducing US weightings

Equity Fund Sector Weightings

Equity Fund Sector Weightings

(GICS Level II Industry

(GICS Level II Industry

Groups)

Groups)

• Individual funds grouped by fund category (GEM
Equity,
Global Equity, Asia ex-Japan Equity, Latin
America
Equity, EMEA Equity, Pacific region, Global Equity,
EM
Bond,

Global Bond)

• Average weightings of all individual funds and by

investment manager (with multiple funds)

• History tabs each month show year to date
historical
country, regional and sector weighting
aggregates by
fund category

• Historical data available for Country Weightings
from
1995, for Sector Weightings from 2001

Equity Fund Country
Weighting Fund
Category

# of

Funds

$ US

billions

International/Global

43

111.47

Global Emerging
Markets

100

75.60

Asia ex-Japan

83

18.05

Pacific

25

14.45

Latin America

28

4.31

Emerging
Europe/Middle
East/Africa

53

13.20

TOTAL

332

237.08

Bond Fund Country
Weighting Fund
Category

# of

Funds

$US

billion

s

Global Emerging
Market Bond Funds

39

14.00

Regional Emerging
Market Bond Funds

13

4.59

TOTAL

50

18.59

Equity Fund

Sector

Weightings

Fund Category

# of

Funds

$U

S

billi

ons

Global

Emerging

Markets

58

53.

84

Asia ex-Japan

38

10.

63

Latin America

8

1.1

4

Europe/Middle

East/Africa

10

1.8

8

Country Funds

34

13.

15

TOTAL

148

80.

64

Equity Fund Country/Sector Weightings

Equity Fund Country/Sector Weightings

GEM equity funds add to Banks and Telecom Services,

reduce Materials exposure

• Provides timely, comprehensive peer analysis for USA and offshore domiciled mutual funds. Reports
show data
rankings for YTD, 1-month, 3-month, 6-month, 9-month and 12-month fund performance (returns) and
fund flows for each
time period.

• Reports can be also be customized, for an additional fee, to include specific peer groups, fund domiciles
and currencies

Mo

nthl

y

Rep

ort

Equity Fund

Performanc

e

Fund

Category

#

of

Fun

ds

$

US

mill

ion

s

Global

Emerging

Market

140

664

.67

Asia ex-

Japan

100

264

.90

TOTAL

24

0

929

.57

Mo

nthl

y

Rep

ort

Bond Fund

Performanc

e

Fund

Category

#

of

Fun

ds

$US

mill

ion

s

Dedicated

EM Bond

Funds

40

388

.65

LatAm

Bond Funds

8

37.

50

TOTAL

48

42

6.1

5

Fund Performance and Fund Flow Monitor

Fund Performance and Fund Flow Monitor

Importance of Tracking Fund Country Allocations:

Follow the Smart Money

Source: Heckman Glo

b

al Advisors

EPFR Country Weightings as a Variable in Asset Allocation

Models

Model vs. Benchmark

0

200

400

600

800

1000

1200

Dec-

88

Dec-

89

Dec-

90

Dec-

91

Dec-

92

Dec-

93

Dec-

94

Dec-

95

Dec-

96

Dec-

97

Dec-

98

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Model Gross

Model Net

Benchmark Net

Benchmark Gross

Return Indices (Dec 88 = 100)

• Outperformance has risen in

recent

years as country factors regain

dominance over sector factors

in

emerging markets

A model portfolio using EPFR

aggregate Country Weightings data

consistently outperforms the MSCI

EMF Index (Jan 1996-Dec. 2003

Clients are global investment banks, brokerages and institutional

Clients are global investment banks, brokerages and institutional

investors.

investors.

Partial list includes:

Partial list includes:

• ABN AMRO

• Nomura Securities

• BNP Paribas

• Bear Stearns

• Samsung Securities

• CLSA Emerging

Markets

• Deutsche Bank

• Goldman Sachs

• Credit Suisse First Boston

• Hyundai Securities • HSBC

• Schroders Investment

• J.P. Morgan Chase • Fidelity Investments

• Merrill Lynch

• Morgan Stanley

• Citigroup Global Markets

• State Street Global

Advisors

EPFR CLIENTS

EPFR CLIENTS

Brief History:

Key Contacts:

19
94

EPFR founded Cambridge, Massachusetts USA

19
95
-19
99

EPFR launches Russia Portfolio, Central Europe
Portfolio and Brazil Portfolio: publications serving
more than 600 institutional investor clients worldwide.

20

00

EPFR launches Research and Analysis Services,

providing independent research services for
investment management firms.

20
01

EPFR acquires Emerging Market Funds Research, Inc.,
a leading database of global equity and fixed income

funds.

20
01
-

pre
sen
t

EPFR expands fund database by four-fold to more
than

6,000 equity and fixed income funds with $3

6,000 equity and fixed income funds with $3

trillion in assets

trillion in assets

.

.

Dwight
Ingalsbe

Managing
Director/Co-
Founder

Tel: (+1-617)
864-4999 ext.
26

Email:
[e-mail]
m

Brad

Durham

Managing

Director/Co-
Founder

Tel: (+1-617)

864-4999 ext.
24

Email:

[e-mail]
m

Ian
Wilson

Director, Fund
Data

Tel: (+1-804)
677-2737

Email:
[e-mail]

Camero
n Brandt

Director, Global
Markets Analyst

Tel: (+1-617)
864-4999 ext.

22

Email:
[e-mail]

Patrick
Paradiso

Sales (USA)

Tel: (+1-212)
340-4138

Email:
pat.paradiso@epf
r.com

Mimi

Chui

Asia Marketing

Manager

Tel: (+1-617)

864-4999 ext.
23

Email:

mimi.chui@epfr.c
om

Young-il
Sunwoo

Sales (Korea)

Tel: (+821)
9608-0101

Email:
yisunwoo@dream

wiz.com