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Flows into EM equity funds surge while HY funds see another USD4bn flow out

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Argentina’s steady progress during the final week of July toward its second sovereign default since 2001 did little to dull investor appetite for emerging markets exposure.

EPFR Global-tracked emerging markets equity funds recorded their biggest inflow since early 1Q13, with Latin America equity funds snapping a seven week outflow streak, and emerging markets bond funds taking in over USD900 million.

 
“These fund groups may be benefiting from the roughly USD13 billion redeemed from US money market and high yield bond funds that was looking for a new home this past week,” says Cameron Brandt, EPFR’s director of research.
 
Elsewhere, investors continued to pull money out of Europe equity funds as that region tightened sanctions on its main energy supplier, Russia, because of its role in Ukraine’s civil war. Redemptions from emerging Europe equity funds also jumped, hitting a 25 week high.
 
But it was a good week for China equity funds: flows into this fund group climbed to their highest level in over six years.
 
Overall, EPFR Global-tracked bond funds absorbed a net USD2.16 billion during week ending July 30 while equity funds recorded inflows of USD11.25 billion.
 
Money market funds saw USD17.4 billion flow out — a six week high — following the Securities Exchange Commission’s decision to require some US funds to switch from a stable, dollar in, dollar out net asset value (NAV) to a free-floating one by 2016.

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