(Bloomberg) -- For all their recommendations to buy emerging-market stocks, the world’s largest money-management firms haven’t convinced some investors that the worst start to a year since 2009 is over.

Developing-nation exchange traded funds in the U.S. had about $100 million of outflows since the MSCI Emerging Markets Index reached this year’s low on Feb. 5, while foreigners pulled $892 million from bourses in South Korea, India and Brazil, data compiled by Bloomberg show. BlackRock Inc.’s Larry Fink and Templeton Asset Management’s Mark Mobius are among managers of more than $7.7 trillion who say shares are cheap after the rout.

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