Investors continued to pull money from funds focused on equity investments in Brazil, Russia, India and China in the first quarter, according to new research, with so-called dedicated Bric equity funds posting net outflows consistently since early 2011.

Dedicated Bric equity funds posted net outflows of $777m in the first quarter of the year, according to data provider EPFR and have reported net outflows in 107 of the 119 weeks since 2011, the firm said.