Research Analysis

September 18, 2012 igeBillion En Stock ERT 18, 2012
September

JAPAN | ASIA FLOW REPORT

International Liquidity Review
Investment Flows……..……………….…..…………………………………..2
       Fed’s QE3 Helps Trigger Surge in Eurozone ETF Flows . Global Equity ETFs Take in $2.7 Billion In September. Diversified Emerging Market Stock ETFs Take in $186 Million This Month. Pacific/Asia Ex-Japan Stock ETF Flows Remain Positive in September. China Region Stock ETF Flows Positive but Economy Concerns Persist. Latin America Stock ETF Flows Rise to 20-Month High in September. Japan Stock Mutual Funds See Accelerating Outflows This Month.

Supply and Demand.…………………………………………………………...5
     New Offerings in Asia, Latin America, Western Europe Hit $17.0 Billion . Asia Offerings at $14.1 Billion; Developed Asia Accounts for $11.8 Billion. Europe Offerings Volume at $2.7 Billion this Month, Up Sharply From August. Insiders Are Net Sellers in Germany and U.K. in September. Europe Stock Buyback Volume Slows This Month.

Benchmark Performance..…...……………………………….……………...……………..8

Foreign Flows and Sentiment ………...….……………………….…….…..9 Flows to Japan, Asia, Europe ...…………………………………..………..10

Charles Biderman, CEO Minyi Chen, Vice President Tom Mangan, Editor

Contact: [e-mail] TrimTabs Investment Research, Inc. | 1 [phone]

September 18, 2012

Flows | International Liquidity Review

International Liquidity Roundup
Investment Flows: The Fed’s announcement of QE3 perked up global investment flows last week. With the Fed poised to print more dollars, demand for euro-denominated securities has surged, pushing flows to Europe-based Equity ETFs to an alltime high of 9.1% of assets in September. Global Equity ETFs have added $2.7 billion (1.0% of assets) this month while Diversified Emerging Market Equity ETFs have added $186 million (0.2% of assets). Flows to China Region Stock ETFs grew to 1.0% of assets this month, but fears that the Chinese