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Emerging Stock Inflows Halved on Greece Aid Concerns, EPFR Says

Emerging-market equity funds took in $2.2 billion in the week ended Feb. 15, less than half the previous week, as concern Greece wouldn’t secure emergency bailout funds and tension in the Middle East damped the outlook for global growth, according to EPFR Global.

Net investment into developing-nation equity funds has totaled $19.2 billion in 2012, compared with outflows of $9.83 billion for the same period of 2011, according to a report e-mailed today by Cambridge, Massachusetts-based EPFR. Developing-nation fund inflows for the week ended Feb. 8 were a net $5.8 billion, the most since October 2010.

Investors have returned over 40 percent this year of the $47 billion pulled out of emerging market equity funds in 2011 as developing nations demonstrate “more fiscal and monetary firepower to sustain growth rates two-to-three times greater than their developed-market counterparts,” Cameron Brandt, EPFR’s director of research, said by e-mail.

So-called Global Emerging-Market funds, or GEM funds, recorded a net outflow for the week of $1.67 billion, the worst performance since the first week of January. During the week ended Feb. 8, GEM funds posted inflows of $5.4 billion, the data show.

The average emerging-market equity portfolio posted a 0.2 percent gain for the week, extending the 2012 advance to 14.8 percent, Brandt said.

China-dedicated equity funds recorded their sixth consecutive week of inflows to total $1.8 billion for 2012. Brazil funds experienced the most outflows in five weeks after companies reported worse-than-estimated earnings, while rising crude prices boosted flows into Russia. India funds attracted new money on speculation of additional rate cuts, EPFR said in today’s statement.

Emerging-market bond funds registered inflows of $673 million after posting gains for three straight weeks, Brandt said. These funds amassed a record $2.14 billion of inflows in the week ended Feb. 8, the data showed.

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