Emerging market funds close due to shrinking demand

FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto, Ontario, Canada June 13, 2018. REUTERS/Chris Helgren

The data also showed that 23 emerging currency fixed income funds were liquidated so far this year. Across fixed income and equities, 93 funds were closed or merged this year, compared with 106 in the previous year. Asset managers are divided on the outlook for emerging markets and whether they will stem the underperformance. This week, the BlackRock Investment Institute downgraded emerging local currency debt to underweight, while Goldman Sachs said emerging hard currency bonds will see double-digit returns.

Meanwhile, Jupiter said in June it would close its unconstrained emerging equity fund, saying it did not see “sufficient inflows from existing or new investors to make it sustainable going forward.” Emerging debt returns also trail German and U.S. government bonds and have done since the end of March. And the average local currency debt yield has fallen below that on less risky emerging dollar debt.

DiMartinoBooth Not a great story tomarnoldsays. The headline says one thing and hangs on a quote, but if you read the actual story, there are actually fewer EM fund closures YTD in 2020 than there were in 2019. And you cite EPRF saying $24bn was shifted from cash into EM funds last week.

DiMartinoBooth Good!! Great contrarian signal. EM stocks will absolutely fly over the next decade (not each and everyone, obviously)

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