Investors have pulled $50bn from emerging market bond funds this year in the latest sign of how a sharp tightening of monetary policy in developed economies and the war in Ukraine has sparked a flight from the asset class.
The net outflows from EM fixed income funds are the most severe in at least 17 years, far worse than were recorded during a bout of acute concern about China’s economy in 2015, data collated by JPMorgan show.
“It has been pretty dramatic,” said Marco Ruijer, emerging markets portfolio manager at William Blair, adding that the combination of soaring global inflation, tightening central bank monetary policy and Russia’s invasion of Ukraine has culminated in “a perfect storm” for emerging market debt.
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