Adrian Mowat of JPMorgan says a review of the asset allocation and performance of major emerging market funds reveals that fund managers increased exposure to commodity-linked countries.
Net overweights in Russia and Brazil increased to 13 and 6, respectively and both markets have been underperforming in 2017 so far, he adds.
He says India remains the highest net overweight market in emerging markets. Net overweights in India increased to 23 from 20 and the median fund overweight in India increased by 20 bps.
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