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EM country funds get a second look in late 1Q14 as investors narrow their focus

Heading into the final days of Q1 20114 EPFR Global-tracked emerging markets equity funds came within USD12m of posting inflows for the first time since mid-October as institutional investors went looking for value at the country level.

Flows into Thailand, Chile, Brazil, India and Russia equity funds hit 12, 17, 22, 26 and 49 week highs respectively.
This narrower focus was also evident in Europe equity fund flows, with four country fund groups taking in over USD100m headed by Italy equity funds’ record setting USD342m.
Investors declined to chase the latest surges by US and Japanese equity markets during the week ending March 25. As a result, redemptions from developed markets equity funds accounted for the bulk of the USD8.3bn – a seven week high – that flowed out of all equity funds during the week.
Bond funds took in another USD4.4bn while USD10.3bn was pulled out of money market funds with Europe MM funds accounting for the biggest share of that total.
At the country level investors continued pumping money into equity funds dedicated to the so-called PIIGS markets – Portugal, Italy, Ireland, Greece and Spain – and those looking for regional alternatives to China committed modest sums to India and Korea equity funds.

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