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While there hasn't been panic selling in Russian ETFs, the small group of mutual funds that have sizable exposures to Russia are hurting and seem poised to suffer additional outflows.
The $3.3 billion Pimco Emerging Markets Bond Fund, for example, is down 11.36 percent in December. The fund had total Russian exposure of 18.2 percent as of Sept. 30, according to a Wall Street Journal analysis of holdings (Russian exposure is listed by Pimco as 11.3 percent because some securities were issued in other countries by Russia-focused companies).
Other funds with high Russia exposure have similarly suffered. They include the Voya Russia Fund (down 47.7 percent this year through Dec. 16 with 76 percent in Russia as of Sept. 30), the T. Rowe Price Emerging Europe Fund (-41.7 percent on 51 percent exposure as of Sept. 30) and the Fidelity Advisor EMEA Fund (-18.7 percent on 20 percent exposure as of Oct. 31), according to Morningstar data.
It's too early to tell how much investors have pulled from those funds in December as such data are released monthly, usually on the eighth business day of the new month.
The trend isn't good: the $70 million Voya fund had net investor outflows of $36 million in 2014 through November; the $230 million T. Rowe fund saw investors pull $54.9 million; and the $114.8 million Fidelity fund lost $19.4 million, according to Morningstar.
Read MoreFunds slammed by Russia
The same trend is true with larger funds with less Russia exposure.
The $6.6 billion GMO Emerging Markets III fund, with Russia exposure of 11.3 percent as of Aug. 31, is down 11.33 percent in 2014 and has seen net outflows of $1.2 billion through November. The $1.2 billion Brandes Emerging Markets I fund, with exposure of 9.7 percent as of Sept. 30, is down 12.45 percent and has gained $944 million in assets through November. And the $1.9 billion Stone Harbor Local Markets Institutional fund, with exposure of 9.3 percent as of Sept. 30, is down 12 percent and has lost $68 million through November. All figures are from Morningstar.
A spokesman for Stone Harbor said exposure to Russia for the institutional-focused fund had fallen to 8.2 percent at the end of November and outflows were $55 million for the month of December, less than 3 percent. Spokesmen for the other money managers either declined to comment or did not respond to requests.