Assets under management rose by $1.9bn to $51.3bn, beating analyst expectations. This time last year the manager was looking after assets totalling $61.1bn, however.
Ashmore's blended debt, external debt, corporate debt, multi-asset and local currency funds all recorded net outflows, though a rise in asset values offset the loss.
Positive investment performance across its funds added $3bn to assets under management.
The outflows were an improvement on the bond fund specialist's previous quarter after emerging market economic confidence somewhat returned and investors cautiously began to return.
However, the threat of further interest rate hikes in the US, low commodity prices, and fears over a hard landing in China as its economy transitions from industry to consumption continue to worry investors.
Mark Coombs, chief executive, said:
Markets rallied towards the end of the quarter as some of the head winds that have affected sentiment and held back returns, such as the falling oil price and strong US dollar, started to recede. In previous cycles, asset flows typically lagged the initial strong recovery in prices and we anticipate a similar pattern in this cycle as investors recognise the breadth of diverse return opportunities across a broad range of emerging markets investment themes.
Shares in the company are up by 2.65 per cent in trading so far today, almost erasing losses over the last 12 months.
The trading update has failed to win over analysts however with Shore Capital's Paul McGinnis lowing his rating on the stock to "sell" from "hold" due to the share price "running too far ahead in the short term".
In February Ashmore reported assets under management fell by 16 per cent to $49.4bn, from $58.9bn in June 2015, blamed on a combination of net outflows of $5.7bn and an investment loss of $3.8bn.