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The outflows of over $50 billion seen since 2013 have largely been driven by retail investors.In the past three months or so, the dollar has risen 2 percent against key developing currencies.EM equity funds have had 13 consecutive weeks of outflows, the longest run in 11 years.Emerging stocks are the worst performer in global markets this year, having lost 4 percent.CrossBorder's emerging market risk appetite index, measured by normalized weightings of investors in equities less bonds, stands at a moderate negative 3, the lowest only since August and a far cry from the negative 40 seen in 2012 .Now investors may need to be braced for further outflows.Stephen Jen, managing partner of SLJ Macro Partners, said emerging markets would have seen the worst – which involves currencies falling a further 10-15 percent – when the rising U.S. 10-year yield hit 4 percent.
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