Are investors discriminating between emerging countries?

A re investors currently buying or selling financial assets of all emerging countries without discriminat ion , or are they discriminating between countries based on their economic prospects? We look at capital flows to emerging countries as a whole and to the major emerging countries, and we see a strong correlation (between 0.77 and 0.92) in all periods between capital flows to the countries as a whole and capital flows to one of the major countries. Investors are therefore not discriminating between emerging countries.