今年头3个月，全球投资者从股票型基金中撤出了近1000亿美元资金，这一创纪录的转变加速了投资者撤离美国和西欧股市的长期趋势。

Investors² worldwide pulled close to $100bn out of equity³ funds in the first three months of this year – a record shift that accelerates a longer-term trend away from US and western European stockmarkets.

新兴投资组合基金研究公司(Emerging Portfolio⁴ Fund Research)的数据显示，在截至3月28日的第一季度，有980亿美元资金流出股票型基金。这些基金去年同期净流入资金190亿美元，2006年同期流入490亿美元。新兴投资组合基金研究公司跟踪散户和机构投资者资金流向。

Equity funds suffered outflows of $98bn in the quarter ending March 28, according to Emerging Portfolio Fund Research, which tracks retail⁵ and institutional flows. The funds had inflows of $19bn during the same period last year and inflows of $49bn in the same period for 2006.

该公司表示，这些基金出现资金流出是因为“美国次贷相关信贷紧缩严重影响了投资者信心和全球经济增速”。 EPFR said the outflows were because “the credit squeeze linked to the US subprime debt mess weighed on investor¹ confidence and global growth”.

这些资金流出还增强了一个趋势：投资者或者将资金投入极其安全的现金品种（如货币市场基金），或者投入风险更大的市场和高收费产品（如对冲基金）。他们开始放弃中间选择：主流的股票基金和固定收益基金，尤其是在发达市场。

The outflows also accelerate a trend for investors to put their money either in ultra-safe cash options such as money market funds, or into riskier⁶ markets and high-fee products such as hedge funds. They are abandoning the middle ground of mainstream⁷ equity and fixed⁸ income funds, especially in the developed markets.

第一季度，投资者从美国、日本和西欧的基金撤出了700亿美元，而去年和此前的多数年份均为资金净流入。

Investors pulled $70bn from US, Japan and Western Europe funds during the quarter, compared with inflows last year and in most previous years.

今年出现资金净流入的基金，几乎都关注于台湾、俄罗斯、中东和非洲。新兴市场基金总体净流出200亿美元，高于上年同期的16亿美元。

Funds enjoying inflows were nearly all focused on Taiwan, Russia, the Middle East and Africa. Emerging markets funds as a group had outflows of $20bn, compared with a small outflow of $1.6bn in the same period last year.