India-dedicated funds pull out nearly $400 million in March, shows data

India-dedicated funds saw outflows to the tune of $394 million in March, taking total outflows in the first three months of CY19 to $1.4 billion, EPFR data compiled by Kotak Institutional Equities shows. Global emerging market (GEM) funds saw modest inflows of $110 million, taking the 2019 inflows to $2.04 billion. The estimated assets under management (AUM) of India-dedicated funds stood at $47.8 billion compared with $82.8 billion for GEMs.

EPFR fund-flow data primarily tracks mutual funds, ETFs, closed-end funds and variable annuity funds/insurance-linked funds. It does not include investments from hedge funds, proprietary desks and sovereign wealth funds, which is