Investors withdrew $3.8 billion from emerging market equity and bond funds tracked by research firm EPFR in the week ended May 12, the highest amount withdrawn in one week from such funds all year. "Investors have been reducing exposure to equity and bond markets due to a convergence of factors..., including US interest rates that are set to rise, historically high oil prices stoking inflation, China attempting to cool its economy and fears that the resulting decline in demand will have a negative impact on the global economy, and of course a host of geopolitical concerns," said Brad Durham, a managing director of EPFR.