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Capital flees Goldman's Next 11 markets

One strategist says it illustrates the dangers of grouping so many disparate countries into a single investment theme

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Markets where foreign capital flows play an important role - including Turkey and the Philippines - have slumped on concern money managers will gravitate towards dollar assets as the Fed boosts rates.

New York

THIS time last year, it looked like Goldman Sachs Group's selection of emerging market up-and-comers was ready to fill the void left by shrinking investment returns in Brazil, Russia, India and China.

Share prices in these "Next 11" countries - places like the Philippines