MUA BlackRock MuniAssets Fund, Inc.

$MUA lot — and it's mostly a flow story, not a holdings story. All figures are Korea Securities Depository data, via Seoul Economic Daily / AJU Press. **Net buying (the flow) — up 5.4x in October** **Holdings (the stock) — actually fell mid-month, despite the buying** - Holdings topped $200 billion again in early October — $200.9 billion on Oct 6, first time since June. - By Oct 15 they'd fallen to **$188.9 billion, down $12 billion (-6%) in just over a week**, because prices fell faster than they were buying. So: Koreans poured in $4.4bn *more* than in September, but the value of what they already owned dropped by more than twice that in a week. **Why:** the KOSPI fell 16.2% in October, while the won strengthened 14.2% from its July high (1,555.8 to 1,334.3 per dollar on Oct 30), making US shares cheaper in won terms. And it didn't stop at month-end — in the first five days of November (Nov 2-6) they net bought another **$2.2 billion**, more than double all of September.