Morgan Stanley-Asia Quantitative Strategy ADRs Flows Master – Institutiona...-106075314

MJanuary22,202409:17AMGMTUpdateAsiaQuantitativeStrategyAsiaPacificMorganStanleyAsiaLimited++8522848-7102+8522848-8845ADRsFlowsMaster–GilbertWong,CFA+8522848-6853InstitutionalOwnership&ShortInterestQuantitativeStrategistGilbert.Wong@morganstanley.comIn2023,tradingactivitiesofAsiancorporateADRswitnessedanuptick,whilethatofglobalequitiesexperiencedadecline.FromJasonNg,CFA4Q23,institutionalinvestors,ledbyhedgefunds,haveshiftedtobenetbuyersontheseADRs.WelaunchthismonthlyreporttoQuantitativeStrategisttracktheflowsgoingforward.Jason.Dl.Ng@morganstanley.comKeyTakeawaysLauraWangInstitutionalinvestorsincreasedactivitiesintradingADRsofAsiancorporates,EquityStrategistwithvolumeupby11%in2023,vs.thatofglobalequitywhichwasdownby-13%.Laura.Wang@morganstanley.comHedgefundsfromUSandAsialedthenetinflowsoftheseADRsin4Q23,andMorganStanleyappreciatesyoursupportintheinflowscontinuedinJanMTD.the2024InstitutionalInvestorAll-AsiaResearchTeamSurvey.RequestyourballotADRsofSingaporeanandJapanesecorporatesledinflowsin4Q23,butIndianhere.ADRswerenetsoldthemostduringtheperiod.Exhibit1:QuarterlynetfundflowstoAsianNear-termsentimentofChineseADRswastheweakestwithUS$0.56bnofADRsbyfundtypesinstitutionallong-sellinginJanMTD,andUS$1.1bnofnewshortpositionsadded.MutualFunds/ETFsHedgeFundsHedgefundsdominatedsalesofChineseADRs,inwhichTrip.com,PDDandBA...