Investors have piled back in to emerging market stocks and bonds following a grim performance for the asset class last year.
The most crowded trade this month is “long” emerging markets, according to a Bank of America Merrill Lynch survey of about 200 institutional investors who manage a total of $625bn. It was the first time since the monthly poll began that “long EM” was the most popular position.
The shift marked a “major reversal” from short EM as the number three crowded trade in the previous month, the investment bank said on Tuesday.
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