(Bloomberg) -- Pimco is facing an emerging-markets exodus.

The fixed-income powerhouse is seeing unprecedented client defections from its developing-nation mutual funds as poorly timed investments and below-average returns catch up with the firm. Customers have pulled about $10 billion since the start of 2013, according to data from the fund manager. That’s more than 20 percent of Pimco’s emerging-market dedicated assets and triple the average for the industry at large, according to Bloomberg estimates.

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