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1) After concerns over unrest in the Middle East eased in March, fund flows into the region improved. GCC funds saw lower outflows while North Africa and Levant funds saw inflows, driven mostly by a rebound in flows into Egypt funds. 2) Outflows from MEA-dedicated funds eased but remained strong at $217 million, with Africa and EMEA funds continuing to see outflows while only Middle East funds saw inflows. 3) GEM funds significantly increased their exposure to Egypt in February by reducing allocations to

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