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Emerging markets fund flows fade over Easter while investors reassess Europe

With tensions between Russia and the Ukraine rising again, investors looking at emerging markets over the Easter weekend saw more scrambled eggs in their future than golden ones.

Although EPFR Global-tracked emerging markets equity and bond funds extended their current inflow streaks during the week ending April 23 flows into both fund groups were less than a third of the previous week’s totals.
 
The third week of April also saw some noteworthy shifts in the pattern of flows for a number of Europe equity and bond fund groups. Euro-denominated flows into Europe bond funds overall were negative for the first time since early December while Europe inflation protected bond funds recorded their biggest weekly inflow since late 4Q12. The appetite of equity investors for exposure to the so called PIIGS markets dropped a notch or two with France equity funds taking up some of the slack.
 
Overall, flows into all equity funds totalled USD2.9 billion. Bond funds absorbed a net USD3.32 billion and money market funds USD14.8 billion of which over USD10 billion flowed into Europe money market funds.
  
At the sector level funds dedicated to technology and industrial plays saw flows rebound and energy sector funds took in over USD1 billion. But healthcare/biotechnology sector funds posted their biggest weekly outflow on record.

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