Interfax: Capital outflow from Russian equity funds continues unabated – analysts

MOSCOW. Nov 29 (Interfax) – The outflow of capital from funds focused on Russian equities continued for the fifth consecutive week and exceeded $130 million from November 21 through 27, about the same as a week earlier, Emerging Portfolio Fund Research (EPFR) reported.

Exchange traded funds (ETF) focused on Russian equities lost $37 million from November 21 to November 27, while the outflow from traditional funds totaled $100 million, Uralsib Capital said in a report.

November was one of the worst months of 2013 for Russian funds, the report said. Results were worse only in April, amid panic over the crisis in Cyprus, and in June, when emerging market investors faced the threat of the United States winding down quantitative easing.

Russian equity funds have already lost more than a quarter of assets under management this year, more than ever before. Taking the whole period since the start of the economic downturn in Europe in May 2011, the outflow of capital from Russia reached a new record level of $7.3 billion, or more than 54% of assets under management, Uralsib Capital said.