Happy families are all alike, every unhappy family is unhappy in its own way. Tolstoy’s dictum has not often been true of emerging markets, which tend to act in tandem both in good times and bad. But investors appear to be starting to discriminate between what are, in reality, very different investment stories.

Until recently the suffering was pretty uniform. Spreads on emerging market debt have risen from 177 basis points over US Treasuries on May 8, to 232bp on Monday. The MSCI emerging markets free equity index, which reached a record high on May 8, has since fallen over 20 per cent. In the five weeks to June 21, according to Emerging Portfolio Fund Research, investors have withdrawn $15.4bn from emerging market equity funds, nearly halving net inflows year-to-date to $17.5bn.