EM Money Trail: A glimmer of passive hope after three weeks of sell-off

EM equity funds saw marginal inflows of just +$107mn following three weeks of outflows (-$5.8bn cumulative, -$1.8bn last week), with passive inflows narrowly outpacing active outflows. Inflows into passive funds picked up to +$1.4bn from +$192mn last week. Active funds extended outflows to the fifth week, though narrowing at the margin (-$1.3bn, from -$2.0bn last week). Among regional funds, LatAm posted very strong inflows (+$1.5bn), the highest since April. Broader GEM funds turned marginally positive (+$175mn) after three weeks of sell-off. Asia ex-Japan continued to see a relentless sell-off, now extending to the ninth week (-$1.5bn this week, -$8.8bn total). Outflows in EMEA narrowed to -$6mn (-$124mn last week). EM ex-China funds saw inflows of +$201mn this week. YTD, EM equity funds are at +$68.7bn (passive: +$90.4bn;