While mutual fund assets have hit a record $7.4 trillion and flows have been buoyed by an improved economy, EmergingPortfolio.com tracked a slight easing of money in the first week of February in one of the strongest categories this year.

Asia ex-Japan equity funds lost some of their steam in the first week of February, losing $43.12 million, according to the fund research company. Latin American equity and emerging market bond funds also had outflows.

"The Federal Reserve’s subtle change in monetary policy language following its latest FOMC meeting may have given global investors some pause for thought," said Brad Durham, a managing director with Cambridge, Mass.-based EmergingPortfolio.com.

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