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EPFR-tracked Emerging Markets Equity Funds moved closer in mid-June to establishing a new record run of outflows as investors pulled money out of them for the 18th consecutive week, four shy of their longest redemption streak which ended in late 1Q14 as the so-called ‘taper tantrum’ subsided. Outflows during the current streak equal some 4.5% of assets under management versus 6.2% of AUM during the record run.
Angst about the state of Sino-US relations has been a key driver of the current redemptions and last year’s 21-week outflow streak. During the latest week China’s relations with India also took a sharp turn for the worse. China Equity Funds extended their longest outflow streak since 3Q17 and redemptions from India Equity Funds climbed to a nine-week high.