Emerging market bond funds saw outflows last week for the first time since the end of January and only the second time this year as investors attempted to crystallise recent gains in the asset class, according to EmergingPortfolio.com Fund Research (EPFR).

The 173 dedicated emerging market bond funds with $12bn (€10.1bn) in assets under management that are tracked by EPFR had $1.8m in net investor redemptions during the week to May 21.