Emerging market funds just saw their 15th straight week of outflows, to the tune of $US6.36 billion, according to Morgan Stanley.
That’s the biggest exodus since August 2011, and it’s the fifth largest in history. And combined with last week’s $US6.33 billion figure, the largest two-week outflow since January 2008.
Cumulative outflows totaled $US33.3 billion over the past 15 weeks. Investors are fleeing EM over a bunch of different concerns — like macro issues in China and currency stress in Turkey.
“At the country level for equities, Thailand, Chile and Poland reported the largest outflows relative to their AUM for the current week,” noted Morgan Stanley’s Jonathan Garner. “In dollar terms, China (-US$1.14bn), India (-US$0.64bn), Brazil (-US0.63bn) and Russia (-US$0.60bn) reported the largest outflows for the current week.”
Take a look at the chart from Morgan Stanley:
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