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By Tim Seymour

The latest fund flow data is out, and emerging market funds have posted a small increase ($0.02 billion) for the week ended May 22. Overall, the picture is very moderate with the last 10 weeks showing five weeks of inflows and five weeks of outflows.

The trends that are important are as follows:

  • Colombia (NYSEARCA:GXG) is finally seeing some inflow.
  • Turkey (NYSEARCA:TUR) remains well bid relative to existing AUM.
  • Poland (NYSEARCA:PLND), a large underperformer in global emerging markets this year, is seeing fresh allocation interest.

The "have nots" continue to be laggards. Brazil (NYSEARCA:EWZ) reported the largest outflows at $330 million, while Mexico (NYSEARCA:EWW) -- which only recently became a "have not" after being a top performer for the past 12 months -- continues to sell off. India (NASDAQ:INDY) should see a pickup in flows, with lower inflation readings and policy expectations growing.

Source: Emerging Market Flows Update - Brazil Equals 'Have Not'