MJanuary11,202405:58AMGMTUpdateChinaQuantitativeStrategyAsiaPacificMorganStanleyAsiaLimited++8522848-7102+8522848-6853FlowsandPositioningonA-GilbertWong,CFA+8522848-8845sharesAmongOffshoreFundsQuantitativeStrategistNorthboundstockconnectprogramrecordedthefifthGilbert.Wong@morganstanley.comconsecutivemonthofoutflowsinDecember,anditcontinuesinJanuaryMTD.2023alsomarkedtheyearwithlowestinflowsofLauraWangtheprogramsincelaunch.WhilstactivefundsacceleratedtosellChinain2H23,passivefundsweretheonlybuyers.EquityStrategistLaura.Wang@morganstanley.comJasonNg,CFAQuantitativeStrategistJason.Dl.Ng@morganstanley.comMorganStanleyappreciatesyoursupportinthe2024InstitutionalInvestorAll-AsiaResearchTeamSurvey.Requestyourballothere.KeyTakeawaysExhibit2:Monthlynetfundflowsofstockconnectnorthboundprogram($bn)OutflowsofnorthboundstockconnectprograminDecemberwererecordedtobeUS$1.65bn,whiletheprogramoutflowsinJanuaryMTDwereUS$1.35bn.25.0Roundingup2023,northboundrecordednetinflowsofUS$6.4bn,inwhichmost20.9ofthatwereboughtinJanuarywithUS$20.9bnnetinflowsinamonth.20.0Activemanagersfrombothmutualfundsandhedgefundswerenetsellersof14.8ChinaAduetoredemptions,whilepassivemanagersweretheonlynetbuyers.15.0Intermsofallocation,long-onlymanagerspreferA-overH-shares;thetop1011.210.19.510.7concentrationoftheirA-shareportfolioswasliftedfrom33%to41%in...
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