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The money that has poured out of emerging market funds is no cause for concern for financial markets, as it will be supportive for developed market equities, according to widely-followed investor Dennis Gartman.
Emerging markets have seen record outflows, according to new data from fund flow tracker EPFR Global, which showed that funds from the region this week were hit with the worst outflows since 2008.
But rather than holding that money in cash, investors will plough it into North America and Europe, where the political environment is more stable, the editor and publisher of The Gartman Letter told CNBC.
"I actually think if money moves from China, money moves out of emerging markets (EM), money will ask the question: 'Where shall I go?' and wise money will say to itself: 'I am going to go where the yields are best, where the political circumstances are the least difficult to understand," Gartman said.
"It doesn't go from one area and goes to the sidelines…If it comes from EM and China, it will come to the U.S., it will come to Canada, it will come to Europe."
Some $9.3 billion leaked from EM funds in the week to Thursday, EPFR said, with $7.1 billion exiting Chinese equity funds.
It comes after equity valuations in the world's second-largest economy have screamed higher despite weak earnings fundamentals and signs of a slowing economy, with China's benchmark Shanghai Composite index rallying around 55 percent over the year to date, while the Shenzhen Composite has gained around 115 percent over the period.
Earlier this month, Credit Suisse warned that the Chinese stock market is now 23 percent overbought and has a potential downside of 15 percent in U.S. dollar terms by the end of the year.